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Finally, after the long journey, home buyers that had a sales contract signed by April 30th now have until September 30th to close on their transaction. It came down to the wire as this was an amendment on HR 4213 “The Unemployment Bill”, then after a couple of political maneuvers had separate bills created for just unemployment benefits extension and tax credit extension. Last night looks like the Senate did a unanimous vote to send this bill to the presidents desk for signing into law before going on break until July 12th. The unemployment bill however got tabled and nothing will happen on that until the Senate comes back.

So, now everyone who still has a signed sales contract before April 30th, I would suggest getting your deals closed before September 30th! Hope this helps, and below is another article from the Wall Street Journal.

http://online.wsj.com/article/BT-CO-20100701-705302.html

Yes, the Senate has moved the tax credit extension on to the next steps allowing borrowers until September 30th to get financing on their sales contracts they got before the April 30th date. If anyone has already closed though, they can go to the direct links at Tax Forms to print them out and follow the instructions to get your tax credit. Below is a good article explaining what is taking place, hope this helps!

Just wanted to highlight this part of the article though:

“Reid, D-Nev., added the proposal to a bill extending jobless benefits through the end of November. Nevada has the nation’s highest foreclosure rate, and Reid is facing a tough re-election campaign.

That’s right, their was a bill introduced Thursday that could extend out the cut off date for the loan to close from June 30th to September 30th 2010. Also from this Wall Street Journal article you can see why the extension would be needed for making sure the closing date is met. The caution I put on this is still treat your closing as it MUST get closed by June 30th because this option proposed to extend the date is attached to a bill that is getting a lot of push back for getting the votes to move through congress. The article below is a good one from WSJ and here is another link to CNNMoney about the same subject. Hope you Enjoy   Don’t forget to print out those IRS forms……just head over to TAX CREDIT FORMS with direct links to the forms on the IRS website.  

http://money.cnn.com/2010/06/10/real_estate/housing_credit_extension/index.htm

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Yes this is true that this special benefit was extended……..for members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence on or before April 30, 2011. Basically it will be the same set up as it currently is for all home-buyers, sales contract by April 30, 2011 and close by June 30, 2011. Just so you guys know about the current home-buyer tax credit just out these summary’s below and strongly encourage you go double check the main guidelines from the IRS and get the forms. I have all this summarized for you at the previous post about updated tax forms.

Summary on Current Home-buyer Tax Credit:

1. First-Time Homebuyer claim up to $8,000 credit or 10% of sales price which ever is the lower of the two. A first-time homebuyer is an individual (and that individual’s spouse if married) who has not owned another main home during the 3-year period ending on the purchase date and meets other requirements discussed in the Form 5405 instructions.

2. Long-time resident can claim up to $6500 credit or 10% of sales price which ever is the lower of the two. A long-time resident is an individual (and that individuals spouse if married) who has owned and used the same home as that individuals main home for any 5-consecutive-year period during the 8-year period ending on the purchase date of the new main home and meets other requirements discussed in the Form 5405  instructions.

Below is the direct wording from the IRS.gov site talking about the home-buyer tax credit extension for military and certain other federal employees. Hope this helps

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The count down to the government tax credits only gives 60 days left until a sales contract needs to be completed by April 30th.  Do you have a chance at part of this credit? Have you already bought a house and looking for this tax form from my previous blog? Well, lets take a look at some of the things you need to know that is happening right now in the real estate and mortgage market.

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Yes, got this wonderful information for everyone directly from the IRS.gov site so you will have none of the he said, she said going on. Also have a couple of key website links for your information so make sure to click on them as you read. Hope this helps

From IRS.gov

Updated Nov. 6, 2009, to reflect new legislation — more to be added soon

New Legislation

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

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Well, after the process started looks like President Obama put the ink to the paper and has signed the extension on the unemployment bill which had an amendment attached to extend the home buyer tax credit. Not only did this extend the first time home buyer tax credit of $8,000 for those whole qualify, but added to it several other details I explain in my previous post

Tax Credit.

Looks like everything is the same from when it started added several things like allowing people who lived in their current residence for 5 yours to get a $6,500 credit if they buy a new primary residence. Also raised the income caps for people to qualify. Just remember this is a TAX CREDIT so make sure you do get all the details before you claim this on your taxes. Also be good to talk with a Tax professional.

Hope this helps

According to the CNBC report Obama will be signing the bill for the Unemployment and 1st time Home buyer tax credit extension. 

Obama To Sign Bill Friday Extending Homebuyers Credit
Congress took further steps to right the staggering economy by expanding a popular tax credit for home-buyers and extending unemployment checks for the growing legions of people running out of benefits with few job prospects.

http://www.cnbc.com/id/33673455/

Summary:

This extends the credit for first time home-buyers through JUNE as long as home-buyers have a signed contract by the end of APRIL. It also offers a $6,500 for those who lived in their current homes for at least 5 years to buy a new primary residence to live in. The income level has been raised to $125,000 for individuals but homes must cost less then $800,000.

Hope this helps.

The first time home buyer tax credit that is set to run out by November 30th might get its second wind. Currently the Senate is working on an amendment to the unemployment house bill 4785 as decribed in my previous post Tax Credit. Ok, here is the short and sweet of what is going on with out a bunch of fill in sentences:

1. First time home buyers would continue to get $8,000 credit, while repeat buyers of primary residence would be eligible for a credit of $6,500 if the current buyers owned their own homes for at least 5 years.

2. Tax credit would be available to individuals making up to $125,000 a year and couple making up to $225,000 a year.

3. Tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to the summary that was given to lawmakers.

(the above is not set in stone and will probably change knowing lawmakering process)

The process: Depending on how this amendment gets out of the Senate, there are talks it could be voted on as early as Thursday, Oct. 29th…BUT that is for the unemployment bill and several reports are stating the amendment may or may not be attached to the unemployment bill. If and when this home buyer tax credit gets out of the Senate, it still has to make its way through the House and the leaders have already expressed their support for extending the tax credit for home buyers.

My thoughts, if you are in love with a house and ready to buy…..”Go for it!”… since you probably were going to buy it even with out a tax credit. If by some amazing event happens in congress and there is no more tax credit after November 30th, then you still have bought your house that you love and will be turning it into a place you can call home!

www.jasonwroble.com “Taking a bite out of your biggest debt, YOUR MORTGAGE!”

According to the AP, the Senate could vote on Tuesday to give the extension of the first time homebuyer credit set to expire by November 3oth, 2009. Senate majority leader Harry Reid is looking to attach an amendment to the unemployment insurance bill helping to extend the homebuyer credit. The bill to follow is 2009 House bill 4785 expand unemployment benefits to get stimulus money. When there is an amendment wanting to be added, you can expect several different versions to come together. Some of these ideas would be to extend the first-time homebuyer credit through December 2010 but having it get phased out before reaching December by dropping the amounts from the max of $8,000 credit down to $2,000 by year end. Others like Senator Johnny Isakson wanted to expand it to all home buyers for their primary residence and raise the income limit.

Any form of amendment is being rallied behind by housing industry groups to help decrease housing inventory while helping people buy a home. Now we just have to wait and see while our current deadline for the $8,000 first-time homebuyer credit is getting close to the end of November 30th, 2009.