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November 1, 2009 Did you remember to set your clocks BACK? ** Daylights Savings Time **
WASHINGTON (AP) -- Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit. Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev. The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers. Short Sale: Have questions regarding a short sale? Call me for a confidential consultation, we HELP sellers navigate through the paperwork, work directly with the bank and keep track of the timelines for you. Remember, the call is confidentential. NOTE: If you are searching through short sales and want the tax credit, you are wasting time; most short sales will not close in the time needed to be eligible for the tax credit. Pre-approved?: If you are not already pre-approved, do so NOW, before interest rates go up! If your pre-approval letter is more than 30 days old, contact your lender for a NEW updated one. Many loan programs have changed and some are now extinct: stated income and most 100% loans are just a few that are now history; VA & FHA are now some of the hottest loan program (VA IS still 100% if you are eligible and FHA 96.5%) and for those who want to buy a fixer, ask about the FHA Streamline 203(k). Don't have a lender? Check out the links below for our preferred lenders; lender that our clients have been helped by and approve of! Helpful Links Not only do we have local information on our site, but we have also put together the following links that you may find useful. Please note that all links will open in a new window.
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