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Homebuyers’ Tax Credit – Ending or About to Get Really Good?

The $8000 first time homebuyer tax credit has been a boom to home sales, and few would argue that it has contributed to a stabilization of the markets.  Due to end the end of November, there is discussion everywhere about whether it will be extended or not.  Of course, many would love to see it go on for a significant amount of time, as they're gathering down payment money and wanting that $8000 kicker to help them.

Well, one Senator, Johnny Isakson of GA, and a former Realtor, would like to kick the credit into high gear.  He has introduced a bill to extend the credit for another year, increase it to $15,000, and even make wealthy buyers eligible.  I doubt any Realtor would argue with this, though there are probably a number of economists who might.  The fact is, disregarding consequences of Federal debt down the road, home sales would definitely benefit greatly if this bill were to pass and be signed.

With the situation up in the air, what should a prospective home buyer do?  Well, waiting and doing nothing is certainly one approach.  But, it's probable that you'll want to be ready to move on a home purchase if some extension or improvement of the program comes about.  Why not get all of your preparatory ducks in a row?  Get your financial information together, particularly if you're self employed.  Contact us to get a mortgage process under way.  We don't need to have a solid purchase price yet.  We just need to get the process going, identify your mortgage needs and available resources, and make sure you're ready to act when the government figures out how much they're going to help you.

Another sensible reason for getting this preparatory stuff out of the way has to do with supply and demand.  Once the government acts, there will likely be a mass of purchases, with a rush to lenders to get them financed.  Why not get in the front of that line now, with the brunt of the work done in advance?  While long lines of paperwork queue up in the mortgage pipelines, your application will be in front, sailing through for that home purchase and a nice fat check from Uncle Sam.

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