For those of you who know me, I'm NOT a good writer!! BUT, I still want to blog sometimes and make sure I get out information to my friends, family & more importantly my clients!!! In thinking about doing a blog about the $8000 First-time home buyer tax credit ending soon, I decided to use my favorite tool - Google - and see what I could find. I found this GREAT blog that could not have stated it better.
The Mortgage Experts said it best:
There is much news these days about an extension to the $8,000 first-time homebuyer tax credit. There is also talk that it might be expanded to include second homes and investment properties. PLEASE don't believe it. The tax credit is set to expire on November 30, 2009. Under the current IRS rules, if the closing is after that date, then the buyer does not get the credit.
Congress might extend the credit, but they might not. They might expand it to include second homes and investment properties, but they might not. If there is one piece of advice that we can pass on to anyone, it is this: It is extremely foolish to assume that something will happen in the housing or mortgage industries just because we all want it to happen. Remember stated income loans? 100% financing? Houses that went up in value? Everyone in America loved all of those things and they still went away.
At the moment, it is best to assume that the $8,000 tax credit for first-time homebuyers will end on November 30, 2009. If it doesn't, that's great, but assuming that it will be extended could very easily shatter the trust you have built with your clients, or cost you $8,000.
CALL ME and we can start looking so you too can take advantage of this tax credit!!!
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