Virginia Beach Real Estate

Warning its almost too late to use the $8,000 TAX CREDIT ABOUT TO EXPIRE!

As we flipped the page on the calendar this morning to October 2009, the reality of the expiration of the $8,000 first-time homebuyer credit looms large.

Hey! Early this morning my Outlook reminder popped up a note telling me that the First time homebuyer $8,000 tax break is about to expire. I grabbed my cellular and called all of my first time buyers and got them all in a tizzy. But time is rapidly running out and it does take time to close as we all know. At this point its all but impossible to get a new contract closed at this late date. Hope you are in bed with your lender or it just won’t happen at all.

November 30 is looming in front of us.. We can all pray that the extension will come into effect soon.
As we know Congress is considering several option for our legendary first-time homebuyers out there who are all depending on some sort of tax credit.

Be sure to remind your buyers not to pull and fraudlent stuff, as many have already been caught taking the tax credit when they did not deserve it. Even one 4 year old got the tax credit. Now that is ridiculous, and I hope the parents get fried as those kind of people make a bad name for us all, and could get the tax credit cancelled. Hell even 500 under 18 took the credit and we know that no one under 18 can sign a contract at all much less buy a house.

One of the options being considered is a 12 month extension for military personnel. Bless our military boys and girls heart, the deserve every break they can get. I like the option being considered to expand the credit to all buyers and increasing the credit to $15,000. Boy woundn’t that be a boon to the housing market.

While the mortgage rate is around 5%, there has never been a better time to purchase a new home. It allows so many more folks to enjoy the elusive american dream.

Some of the rules for the $8,000 Tax Credit is as follows:

Buyer may not have owned a primary home in the past 3 years.
This may not be a home purchased from a parent, spouse, or child.
AGI (Adjusted gross income) for the family must be less than $95,000 for single and less than $170,000 if joint.

Most first time home buyers, but not all will be qualified will get the full $8,000.

If you need any assistance in finding your new home, call Tom at a757-587-9856 or stop by my website at MLS HOMES

Tags: Home Selling, Virginia Beach Foreclosures, Virginia Beach Real Estate