First Time and Repeat Home Buyer Tax Credits - The Vote IS NOT In - Lawmakers are Getting Closer

First Time and Repeat Home Buyer Tax Credits - The Vote IS NOT In - Lawmakers are Getting Closer

News updates, rumors, fact and fiction have been flying around regarding the extension of the first time home buyer tax credit. As of today, Thursday, October 19th 5:04 EST (2:04 Pacific), these are the facts regarding the extension of the $8000 first time home buyer tax credit as reported by CNBC. If you're reading this post after the 29th chances are there are more facts and fiction I have not yet reported.

A larger glimmer of hope for those hoping to benefit from the First Time Home Buyer Tax Credit as well as Repeat Buyer Tax Credit. According to Realtor.org, "Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years." Please do not confuse "agreed upon with voted." This has not yet been ratified.

In addition to the agreement, we do have more information regarding the proposed dates for the tax credit to end. Home Buyers must have a home under contract by April 30, 2010 and the property must close before July 1, 2010.

WHEN IS THE VOTE??? According to CNBC, the vote for the Tax Credit extension and addition of the repeat buyer tax credit is as follows:

"The Senate is expected to take up the tax credit measure next week as part of separate legislation to extend insurance benefits for unemployed workers.

The House, which would also need to approve it, is expected to wait for the Senate to act."

However, a measure to keep interest rates down and loan limits high did pass the House.

Approved:The House of Representatives approved a measure that would keep the loan limit for U.S.-backed mortgages at $729,750 until 2011, effectively holding interest rates down for a large swath of U.S. homebuyers. The limit was scheduled to shrink to $625,000 at the beginning of 2010

On a side note. The tax credit has been estimated to cost $1billion per month. How do you feel this will effect our economy?

For more information on the first time home buyer tax credit, repeat home buyer tax credit stay tuned......