Comments on: It’s Official – Homebuyer Tax Credit Extended (and expanded)!

By: Bruce Michalke

Bruce Michalke — Fri, 05 Mar 2010 05:15:23 +0000

Do you have to be a certain age to use this?

By: Judy Jones

Judy Jones — Wed, 27 Jan 2010 14:35:59 +0000

Maria,
There has been no news of a possible extension of the $8,000 or $6,500 tax credit. If and when a new bill to extend either or both of the tax credits is announced I will definitely post the information. The other possibility is the announcement of yet another tax credit.

Congratulations on your new home!

By: Maria

Maria — Mon, 25 Jan 2010 05:43:07 +0000

Any word on whether the $6,500.00 tax credit will be extended past June 2010? I am buying new construction and it may not be completed by June. Thanks!!

By: ann bone

ann bone — Thu, 31 Dec 2009 17:41:26 +0000

Questions are coming in as to whether the state of Georgia has extended their $1,800 ITC beyond 12/31/09. No, not yet. I can’t even find any reference to proposed legislation to do so when the 2010 session opens in January.

Buyers should not wait to see if this happens or not. Remember that homes must be under contract by April 30, 2010 and close no later than 6/30/10 to take advantage of the up to $8,000 ITC for first-time homebuyers and up to $6,500 for qualifying “move-up” buyers.

By: James Standart

James Standart — Mon, 16 Nov 2009 00:50:56 +0000

I had an interesting question posed to me today at an open house. The buyer sold a home June 15, 2007. The 3 year anniversary will be June 15,2010. Will she qualify for the existing home owners $6500 credit as long as she signs a contract by 04/30/10 or must she close prior to June 15, 2010. Additionally, if she doesn’t qualify for the existing homeowners credit (because she is past the 3 year deadline having to own a home for 5 years of the last 8), wouldn’t she qualify for the new home owners $8,000 credit?

By: Shannon

Shannon — Fri, 13 Nov 2009 15:54:36 +0000

Very exciting news! Will keep the market moving in the right direction! I love that they have included current homeowners as well! Now those move-up buyers and downsizers can get in the game too! yeah!

By: Suzie Perlstein

Suzie Perlstein — Thu, 12 Nov 2009 17:21:56 +0000

WE all owe our Senators a lot of credit. Johnny did a GREAT job on this bill, and I am thrilled.

By: Judy Jones

Judy Jones — Wed, 11 Nov 2009 23:18:10 +0000

I will research this. But I believe as long as they close after the 5 year anniversay date of the closing on their current home they are eligible.

However if this buyer needs to sell their current home in order to qualify for the mortgage on the new home, they might want to get the current home under contract before they try to submit a contingency offer on a new home. As you know, many sellers are not interested in a buyer who has another home to sell.

By: Annette Osbourne

Annette Osbourne — Wed, 11 Nov 2009 07:07:14 +0000

Whooptido!!!!!!! (All in the Family)

By: Valerie McDonald

Valerie McDonald — Tue, 10 Nov 2009 18:29:00 +0000

Thank you for your clarification of the details. This should be good news for many people and should help home values as well.

I have just had a call from someone who will qualify for the $6500 credit hopefully.

By: latisha

latisha — Tue, 10 Nov 2009 15:40:37 +0000

I am excited about this good news. I have individuals who will be excited also. I am spreading the word to all. Thanks for the detailed update.

By: Judy Jones

Judy Jones — Tue, 10 Nov 2009 15:39:56 +0000

Denise,
Unfortunately since he has owned a home in the last 3 years, even though is was not his residence, he is not eligible. He can not have owned a home even if it was a rental property that he did not live in. Sorry.

By: Terry Young

Terry Young — Tue, 10 Nov 2009 14:10:06 +0000

Spread the word!!!

By: Arthur Harris

Arthur Harris — Mon, 09 Nov 2009 20:21:32 +0000

Thanks Judy.

By: Denise Crumpler

Denise Crumpler — Mon, 09 Nov 2009 20:19:27 +0000

Hi Judy. I have a question concerning the 1st time homebuyer piece. My son is listed as a co-buyer, along with my husband and myself, on a home that we purchased in 2005 while he was in college. He stayed in the house 2 years until he graduated in 2007. Since then, we have rented the house out. Would he be considered a first time homebuyer, because in 2010, he would not have lived in the house for 3 years? I’m trying to see if this will work for him since he is ready to purchase a home.