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Will the $8,000 first time home buyer tax credit be extended or even expanded?

This is very detailed information for First Time Homebuyers.  We are working with several people who are hoping to improve their credit, or save money for closing costs (or an FHA downpayment!)!  I think this is very good news for the economy!  If you want to see if you QUALIFY for the First Time Homebuyer $8000 tax credit that is CURRENTLY available - click here.

Right now, there are 5 bills being presented in Congress which either extend or expand the current $8,000 first time home buyer tax credit which expires December 1, 2009.

The bills are:

Senate Bill S1230 - the Home Buyer Tax Credit Act of 2009 - introduced by Senator Johnny Isakson (R-GA),  proposes a non-refundable tax credit up to $15,000, that can be split equally over two years, for all primary residence purchases - not just purchases by first time home buyers.   

House Bill HR 2619 introduced by Representative Kenny Marchant (R-TX) proposes to extend the existing $8,000 tax credit to July 1, 2010 and add a tax credit of up to $3,000 for homeowners who refinance.

HR 2606 - the Home Buying Credit Expansion Act  introduced by Representative Eddie Bernice Johnson (D-TX) proposes to remove the first-time home buyer requirement and would allow allowing all principle residence purchases to qualify for a tax credit.  The bill would also extend the original bill through Jan 1, 2010.

HR 2801 - the Home Ownership Move the Economy (HOME) Act introduced by Representative Howard Coble (R-NC) is similar to S1230 discussed above but would extends the credit to Jan 1, 2011.

Finally, HR 2655 introduced by Representative Dan Burton (R-IN) would eliminate the first time home buyer requirement while extending the credit to Jan 1, 2011.

At a minimum, it looks like Congress will be having a healthy debate about whether to extend this credit and if it should be expanded.  Personally, last year, I felt Congress should have enacted the proposal for the tax credit to be $15,000 and available for all home purchases.  It is wonderful to provide incentives for first time home buyers but, given the state of the economy, it would be very beneficial to open the credit up ($8,000 or $15,000) to all home buyers.  This could help provide a significant stimulus that the economy needs.  Imagine how it would help the state of the Chapel Hill real estate market and the Durham real estate market.

I will keep you posted on new developments regarding the $8,000 home buyer tax credit.

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Comment balloon 7 commentsEleanor Thorne • July 15 2009 11:04AM

Comments

Eleanor - I was actually just wondering about this topic.  Nice choice for re-blogging.

Posted by Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC) about 8 years ago

It very well may be expanded but there has not been any updates on that yet.

I have printed material that can help you, your agents and buyers better understand this credit as well has how to leverage to a return or savings of up to $24,000 over time.

My company and I are big on education and we frequently give "free" webinars on the this as well as other topics for buyers and real estate professional.  We even have topics geared towards helping you with your listing.

I believe you reap what you sew (in all things, with a glad heart)

I'd be happy to share that info with you.  Feel free to email me and I will send you the next webinar invite.  Become an Associate on my page so I can add you to my list.

All the best

KIT

Posted by Elaine Stroman (Patriot One Mortgage Bankers LLC) about 8 years ago

Can a 100% disabled veteran who receives disability payments from the VA receive the 8,000 dollar tax credit if he is a first time home buyer and does not file taxes?

Posted by Robert about 8 years ago

Do we know when this legislation is set to be debated on the House/Senate floor?

Posted by Justin Martin about 8 years ago

Right now they are looking at HealthCare - it will be September most likely

Posted by Eleanor Thorne, Equity Resources 919-649-5058 (Equity Resources) about 8 years ago

I actually have the same question as Robert. Can a 100% disabled veteran who receives disability payments from the VA receive the $8,000 dollar tax credit if he is a first time home buyer and does not file taxes?

Posted by Andy over 7 years ago

Here's the best website I found to answer the question.  Assuming everything else works, meaning the Veteran has a contract that is valid and a close on time - they would need to file a return to get the credit.  Please see here 

Posted by Eleanor Thorne, Equity Resources 919-649-5058 (Equity Resources) over 7 years ago

Participate