Anyone currently in contract and expecting to the get the $8,000 tax credit that hasn’t yet closed might be feeling a bit nervous! Welllll there is talk about extending the close date beyond the end of June. The below copy/paste doesn’t refer to it but to give you an idea… it seams that Bank of America is taking in many cases 60-75 days to process a loan (not a surprise!). Anyhow, take a peak at the below…. and if you are running close on your closing deadline; you might be able to relax! -Kristie McD.
This is the best place to go if you have questions regarding the tax credit extension. There are alot of questions in particular regarding the repeat home buyer… get some answers here! -Kristie McD.
So it seems there was some progress made this week on extending the home buyer tax credit; this is great news because I have some first time home buyers that can’t close before 12/8/09 (in case I have clients reading this, no it’s not your loan unless your initials are BA- I don’t want to unnecessarily panic anyone I’m currently working with).
Tax Credit Disappearing? That would be horrible for the housing market. Watch my favorite “TBWS” guys (link below). The credit has been expanded for veterans…
So I was discussing with a client today when she should have a home picked out, negotiated and in escrow to ensure she gets the tax credit when I realized, we’re less than 3 weeks away from what I consider a safe bet, September 30th.
Jim Gillespie has appeared on several shows talking about the market…. his most prominent topic of discussion is the push for a new credit for the upward home buyer, a credit for $15,000. Although I completely agree that we need an incentive to get home buyers to purchase their next stage home (a home in the next price bracket above the first time home buyer) I disagree that it should be a set $15k. I think the smartest incentive we can offer would be one based on a percentage of the home sale; this would encourage ALL home buyers in all levels of income a reason to “make a move” (pun intended). 
The below comes directly from Bruce our blogging lender with Landover Mortgage in response to the recent announcement that the $8,000 may be available at the closing table (or at the time of purchase). To read an article on the topic: 
Jim Gillespie, president of Coldwell Banker was recently interviewed on Fox Business news and he said alot of great stuff (you can watch the video from the link below or just click play on the YouTube.com version under the link). In summary he suggests two things:
So many buyers are inquiring these days! I found a great write up on Money.cnn to share with you (it’s below) that goes over a few different tax 
There’s a lot of confusion as to what exactly the Homebuyer tax credit means to the home buyer. Check out the link below but in a nutshell it means 
I wanted to post on this real quick as it’s currently a hot topic in the headlines. Part of the stimulus package being proposed is a $15,000 tax credit for all home buyers, both first time and repeat home buyers. This would replace the $7,500 tax credit “loan” that is currently in effect. A big difference between this new tax credit and the $7,500 one 