Your Mortgage News SourceFirst Time Home Buyer Tax Credit Extension Becoming a Reality?

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Your Mortgage News SourceFirst Time Home Buyer Tax Credit Extension Becoming a Reality?

Posted on
October 18, 2009

When the idea of the first time home buyer tax credit extension was first introduced there were many skeptics, now it many becoming a reality. Diana Olick of CNBC wrote a column on Friday that pointed out many reasons as to why the tax credit extension could happen. When Diana asked FHA commissoner David Stevens in an interview about the extension he said “We’re looking at the first time home buyer tax credit. It’s had an impact. It’s being measured. The administration will come out with a recommendation and their position on where we stand on the tax credit. We’ll support that position.”

We have seen great interest in the idea of an extension of the tax credit on Subprime Blogger. We would like to thank all the readers who have read and responded to our articles. The goal is to get 10,000 votes in favor of an extension and possible expansion of the tax credit. If we get enough votes we can take this to government officials and let them know how the public feels. If you would like to help please vote at the following poll:

First Time Home Buyers Tax Credit Extension Poll.

Treasury Secretary Timothy Geithner also hinted several times in an interview with Maria Bartiromo that there is the possibility of a first time home buyers tax credit extension. He did not come out a say it point blank but he did say that he did not want our country to make the same mistakes that other countries have mad by “putting the brakes on too earlier” when it comes to the stimulus.

Last week we found out that the Congress’ Joint Committee on taxation estimated the cost of an extension and expansion of this tax credit would cost $16.7 billion. The expansion would included all home buyers and would raise the income maximum to $150,000 for individuals and $300,000 for couples. Many people working in the real estate industry thinks this is money well spent because a great deal of business is coming from the advantages of this tax credit.

Please return to Subprime Blogger to get all of your up-to-minute information on the first time home buyers tax credit extension. We will be sure to relay all the information to you as soon as we get it. As always, please make sure to return to Subprime Blogger for all your mortgage and financial news. To stay up to date on the current state of finances make sure to bookmark the current news category below.

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Author: Jesse Wojdylo