Home Buyer Credit Extended

November 1, 2009

For more information or questions regarding how to get this credit visit us at http://www.metrovisions.com

The U.S. House of Representatives has voted to extend unemployment benefits for an additional 14 weeks, 20 in some of the hardest hit areas. Under the measure, the $8,000 tax credit for first-time home buyers will be extended and expanded to current homeowners.

Folks across the U.S. who are running out of unemployment benefits and those who need an extra incentive to move into a home could get it very soon.

In a vote of 403 to 12, the House passed a measure to extend the home buyer tax credit. Cara Wilkerson with The Charlotte John Company says, "I have a lot of buyers out there excited about the news."

First-time home buyers have been getting an $8,000 tax credit since January as part of the economic stimulus package, but the program was set to expire in November.

The vote Thursday will extend and expand the tax credit to include many buyers who already own homes. She continues, "They've added a $6,500 incentive to sellers who have been in their homes for at least five years. When they sell and buy new homes, they can take advantage of that."

First-time buyers and those who haven't owned a home in the last three years will still get the $8,000 tax credit. To qualify, you must close on the house by June 30th.

"Houses are moving pretty quickly," Wilkerson says families of all economic levels can now cash in and the tax credit will continue to help maintain and create jobs as the economy returns.

"The Little Rock real estate market has been pretty stable over the past year, so this tax credit has just been an extra boost to our economy," Wilkerson concludes.



And that stability and extra boost means more open houses to take a look at if you're in the market to buy.

The bill now heads to President Obama who is expected to sign it.



Although people have been examining the pros and cons of extending the home buyer tax credit, legislators' main focus is to help the millions of unemployed Americans looking for work.



The national unemployment rate comes out Friday; that figure is expected to reach close to 10 percent, possibly reaching a 26-year high.