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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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First Time Home Buyers Credit is it Extending?

Many home buyers are scrambling to find the perfect home and close escrow before the November 30, 2009 deadline.  The current First Time Home Buyers Credit is slated to end on November 30, 2009.  This means you must own the home by then, not just have your offer in by then.  Closing in Central Oregon is taking 35 to 60 days on average. If you have not found the perfect home, or the loan yet do not panic.

It appears that congress is looking to extend, possibly make some changes and revise this plan.  Remember that being a first time home buyer does not mean you have never owned a home.  It means you have not owned a home in the last 3 years.

Pat & Wayne Harriman are REALTORS® in Wallingford, Ct, they too have been watching this closely and found the following;

HR 2801, The Home Ownership Moves the Economy (HOME) Act of 2009 would extend the availability of the credit through 2010, expand it to include all home buyers, not just first timers, and would also remove the income restrictions of the current credit. Currently, the buyers must not make more than $75,000 if single or $150,000 for couples filing jointly, and there is a reduction in the credit for buyers with incomes up to $95,000 and $170,000, respectively.

Many of you may ask if the first time homebuyer tax credit is going to extend should I wait?  My answer to you is NO – we have no idea what will come to be all of this is speculation. If you wait because of what might happen you may loose the credit completely or your loan may no longer be available.

Some of the changes being talked about would change this from a first time home buyer’s tax credit to a home buyer’s tax credit. Those of you looking to upgrade, downsize or buy a recreational home you may find waiting to be to your benefit, although the income restrictions will most likely bump you out of qualifying for this credit.

Posted in: Buying, Central Oregon, Seller's Info Tagged: 100% financing, bank owned homes, bank owned property, Bend, bend bank owned homes, bend oregon, Central Oregon, central oregon homes for sale, central oregon real estate, first time home buyer, for sale by owner, gilchrist oregon real estate, homes with a shop in la pine, la pine bank owned homes, la pine homes for sale, la pine real estate, la pine real estate market, lapine real estate, Three Rivers South, three rivers south real estate

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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