I have heard the first time home buyers $8,000 credit is going to possibly be extended. This sounds interesting and with a couple changes-income restrictions removed and buyers would no longer need to be first time buyers.
Okay, the name for this new bill may not be as catchy as "Cash for Clunkers" but you gotta love it:
Home Ownership Moves the Economy(HOME) Act of 2009. HR 2801 was introduced by Howard Coble (R-NC).
It would continue the current tax credit for first time homebuyers set to expire on December 1, 2009, with a couple of notable changes:
- Income restrictions would be removed
- Buyers do not need to be first time buyers
Okay, everybody, all together now "SHHHHHHHHHHHHHHHHHH". For those of us who decided not to take a vacation in October and November to handle the "rush" of people trying to beat the deadline, this will squash that idea.
Who will rush to buy if they are going to extend the credit anyway?
People like my kid.
She is a potential first time buyer who makes way too much money to qualify and gets KILLED each year paying income tax. She may be jumping off the fence when she reads this.
And people like her are much more likely to help the economy (they have more disposable income).
Wait a second, didn't I suggest this very same idea in this post?
Also written today: How 15 Year Mortgages Could Save the Economy
Written by Janet Guilbault, Mortgage Banker/Broker based out of the San Francisco Bay Area
Amy McAllister Realty LLC 541-490-1436
Hood River, Oregon amym@gorge.net
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Disclaimer: I assume no responsibilty for accuracy of information provided within this post and blog. Many entries on this blog are based on the opinions and ideas of the author and are provided without warranties of any kind, either expressed or implied.
