First Time Home Buyers Tax Credit Updates

Posted March 25, 2010 by David Rogers in $8,000.00 Tax Credit, Blog, First Time Home Buyers Information | No comments yet

Date: March 24, 2010

Re: NAR Update: Tax Credit

As you know the deadline for the Homebuyer Tax Credit is fast approaching.  Buyers must have a contract in place by April 30, 2010 with a closing date no later than June 30, 2010 to claim the credit.

We expect that REALTORS® will be asking  what NAR is doing to extend the tax credit.  NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely.  While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.

NAR is now focused on working with our REALTOR® Party champions to improve the availability of financing, which continues to be an issue.  Specifically, we are working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac.  You can follow our efforts on both fronts at Realtor.org/GovernmentAffairs.

Please encourage you to use the resources available through NAR to help prospective buyers take advantage of the credit before the deadline.  You can find those resources at Realtor.org/RightTools or Realtor.org/Store.

On behalf of the NAR Leadership Team and staff, I thank you for your support, as we help to keep real estate and our members “On the Rise.”

Sincerely,

Congress set to expand homebuyer tax credit

Posted November 5, 2009 by David Rogers in $8,000.00 Tax Credit, Blog, First Time Home Buyer Tax Credit Updates | No comments yet

WASHINGTON – Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.

First-Time Homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes. The House is scheduled to vote on the bill Thursday. Continue reading »

Questions & Answers The Home Buyer Tax Credit Extension

Posted October 30, 2009 by David Rogers in $8,000.00 Tax Credit, Blog, First Time Home Buyer Tax Credit Updates, First Time Home Buyers Information, Real Estate News | No comments yet

The Obama administration blessed the proposed extension of the $8,000 tax credit for first-time home buyers on Thursday as the Senate neared a compromise that would extend the credit to more potential buyers.

Here’s a primer on who might be able to get the expanded credit, and what it might do for the housing market:

Who gets the credit, and how much can they claim? First-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The Senate version of the bill Continue reading »

Changes For The First Time Home Buyers Tax Credit 11-5-2009

Posted October 30, 2009 by David Rogers in $8,000.00 Tax Credit, Blog, First Time Home Buyer Tax Credit Updates, Real Estate News | No comments yet

Senate leaders released more details about their compromise on the home buyer tax credit today. Among other things, the deal would give the IRS more authority to spot cheaters in advance and set an $800,000 price limit on all homes eligible for the credit.

The existing $8,000 tax credit for first-time home buyers (meaning those who have not owned a home in the previous three years) expires after Nov. 30. Continue reading »

First Time Home Buyer Tax Credit Has Been Extended

Posted October 30, 2009 by David Rogers in $8,000.00 Tax Credit, Blog, First Time Home Buyer Tax Credit Updates, Real Estate News | No comments yet

A new Senate proposal will offer a first time home buyer tax credit extension to homes under contract by April 30, 2010. The former deadline was November 30, 2009. The home buyer tax credit will also be offered to people who have lived in the same home for five years, according to the proposal, which at time of writing hasn’t passed yet, but has bipartisan support. Bloomberg has more:

An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.

“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.

Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.

The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law, Lachapelle said.