What Are the Chances for An Extension on the First Time Home Owners Tax Credit?

What are the chances for an extension on the First Time Home Owners Tax Credit?  We don’t know for sure but we do know that a bill has been introduced in the House by U.S. Representative Howard Coble (R-NC).

His bill, HR 2801, is called Home Ownership Moves the Economy (HOME) and it comes with a few notable changes.

  1. Income restrictions would be removed
  2. Buyers would not need to be first time buyers

Bets are on some kind of extension but just what remains to be seen.

What you need to know now is that if you want to take advantage of the current First Time Home Owners Tax Credit, your purchase must close by November 30th.  

Let me say that again, to take advantage of the 2009 First Time Home Owners Tax Credit, your purchase must close by November 39th.

Please, don’t wait and don’t count on an extension. Act now.  Call me at 703.927.4554.  Now. Time is running out.

Michael

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