Tax Credit expires at the end of this month….or does it?
The senate has offered an extension through July of 2010 but it needs to be agreed to by congress. So for now the only tax credit is still slated to expire at the end of this month.
There is an interesting twist to the one now proposed….if you’ve owed a home for at least the last 5 years then you could be eligible for a $6,500 tax credit under the new suggested program. Once again this is a proposal not a done deal. This certainly could “stimulate” additional interest in home buying for another group not addressed under the current program. You should recall that the tax credit now available is only for those who have not show to have had home ownership in the last 3 years and that tax credit is for $8,000 that is completely forgiven if you stay in the home for at least 3 years into the future as your primary home.
Please be aware as a warning that there are individuals out there offering to help you file for these tax credits that are filling in the forms to be filed with the IRS that refer to your having already closed on a home that may intend to buy …this is not the way this program is intended. You may be actually committing tax fraud. The tax credit is intended to filed for after you have actually closed on a home NOT during the process or in anticipation of buying a home. It would be nice to have access to that money ahead of time for a down payment but that is not the intent of the program. Don’t be ‘set up’ by someone that is looking to take any where from $100-$450 to fill out some very easy IRS forms that anyone has access to.
So what’s happening to rates???
Large swings in the stock market and a weak bond sell-off has kept rates from staying as low as they were…
FHA….5.25% 5% with 1 pt
Conv…5.25%
Jumbo …6% with 1 pt
Brian Scott
Haha!!! Excellent work! Those dudes at your competition (you know who) don’t even have a clue! Keep it up!