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.