You have most likely heard about the $8,000 first time homebuyer tax credit made available to anyone purchasing a primary residence that has not owned a home in the last three years. This program has helped many people "get off the fence" and purchase their first home.
Originally this program had an expiration date of November 30, 2009, which meant that the transaction had to close previous to this date. This is still the case... however, there is a proposed bill currently awaiting approval that would effectively extend this $8,000 tax credit through April 30, 2010.
It is important to note that this bill has not passed the house yet, however most of the "experts" say that they anticipate this bill to
be signed into law sometime this week. Our company applauds this legislation as we feel that it is actually making a measurable impact & putting money back into consumer's pockets.
Another proposed addition to this new tax-credit extension is a $6,500 credit for CURRENT HOME OWNERS wanting to upgrade to a
newer home. It is currently proposed that if you've lived in your current home for 5 years or more and purchase a new home before the April 30th deadline, you'll be able to receive a $6,500 credit! That should really help keep the positive housing news going.
Lastly, for those of you who haven't had a chance to tune into the Financial Insights radio program on 630 AM each weekday from 4:00-5:00 please do so. Or, you can listen live on the web at http://www.kido.net/pages/main. We
are privileged to have been invited as guests on the show and will be taking phone calls & discussing mortgage related topics this coming Thursday November 5th. The
phone number to call in is 208-342-6363. Call in, we'd love to hear from you.
Make it a great week!
