First Time Homebuyer Tax Credit to be extended..

The Senate is more than likely going to extend the “First Time Homebuyer Tax Credit” until April 30^th, 2010.  The proposal on the table is to extend the credit and allow 60 days to close on homes under contract by April 30^th.  Also, the proposal has language to include higher income borrowers and more than just first time buyers eligible for the credit.

The Senate just announced that they will more than likely vote in favor of the proposal and pass this to the House by this Friday, October 30^th, 2009.

Nancy Pelosi, Speaker of the House, just confirmed that she is a fan of the extension but wants to see more detail.

This is great news for our industry and really great news for those of you that are closing purchase loans because of this tax incentive!

Stay tuned for more info, we will pass it along as we learn!

Related posts:

1. Tax Credit may be extended into 2010:Extend the Housing Tax Credit
2. Tax Credit May Be Extended 2010 Economists: Extend the Housing Tax Credit
3. First Time Home Buyers $8000 Tax credit running out of time..
4. August pending home sales rise to 2 1/2 year high, Will the tax credit be extended?
5. New $8,000 Tax Credit signed by President Obama