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H.R. 1993, The First-Time Homebuyer Credit Extension Act of 2009 (69 comments ↓)
H.R. 1993 would amend the Internal Revenue Code of 1986 to modify the first-time homebuyer credit.
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Visitor Comments
caro
May 14, 2009, 1:53pm (report abuse)i would love for you to pass this act so i can save up some more money for my down payment....i would be able to buy my dream home next year and still have my $8000 tax credit available to me..
Bobby
June 16, 2009, 12:48pm (report abuse)My fiancée and I are getting married in October and are hoping to buy a house soon after. We won't be able to save enough for a down payment by the deadline because of our wedding cost. An extension would be very helpful.
John from Florida
June 26, 2009, 9:47am (report abuse)I just recently started my carrer and would love a little more time to save up some more money to buy a home responsibly. If not, then I will be rushed to buy a home with not as much saved up! Please pass this bill!
ChristopherT
July 4, 2009, 4:06am (report abuse)I am saving up as well. The current deadline is just too soon. Add another 6 months and will will have more time, and quite a bit more money to put down.
H from Houston
July 16, 2009, 9:57am (report abuse)An extension would give people more time to save up money, including my wife and I. Please pass this bill! I even heard rumors of a possible increase, which would be even better, but we'd be happy with an extension. Seeing as how most people won't get the credit until they file they're 2009 income tax, opposed to those that filed against they're 2008, why not extend until mid April when they're due.
Josh Curry
July 18, 2009, 1:12am (report abuse)An extension would allow me to buy the new home that I wanted. My house will not be completely before Dec 1 which means I cannot close before the deadline. Please extend this bill! Please!
pavan
July 20, 2009, 5:44pm (report abuse)The tax credit 2009 deadline will work only for people who are buying inventory ready homes or buying a resale home.
I was unable to find a readymade home so I'm in the process of building one which won't be available until mid Dec 2009 .
My home will be off by about 15 to 20 days. Extending the bill actually benefits by jump starting the construction activity.
The current bill still helps to clear existing inventory but builders aren't building new homes as demand isn't there. In my specific case builder is unable to secure the loan .
I started by contract in June 09 and the builder still isn't starting until August 09 as Bank is very slow in approving the loan due to economy.
As a fall back congress should at least enact the law or pass legislation to give a similar tax credit as 2008 if extension isn’t possible.
I was hoping to use the tax credit money as closing costs and to buy things to get into the house. Now things seem uncertain.
brandon
July 22, 2009, 5:46pm (report abuse)It would be nice to have an extension because im working on my credit and right now it's too low for a loan. It would give me more time to get my score up to where it has to be. Not to mention any extra money I have is going towards paying things off so I won't have anything saved up.
Darien
July 27, 2009, 4:30pm (report abuse)This bill also allows for the beginning date to be April, 2008, thereby helping young homeowners who bought their first home at a high price. I think that's a good idea.
Jessica from North Carolina
July 29, 2009, 11:32am (report abuse)I believe this credit extension is a great idea. It will give potential homebuyers the opportunity to save more money and also strengthen the cushion in the housing market. With this credit extension it will help the market maintain an upward slope in sales! Please extend this credit!
Moe from NYC
August 3, 2009, 10:39pm (report abuse)I am working hard to save money for down paymrnt. I will not be able to come up with down payment until early next year. Please extend the credit.
John from Missouri
August 6, 2009, 1:07pm (report abuse)Please move this bill forward and pass it or kill it. It has been dormant in the Ways and Means Committee for almost 4 months.
This tax credit will allow me to buy at least a year sooner than I planned on but it may force me to take a more expensive loan option due to the funds being unavailable at the time of closing. I am sure many are in the same situation as I am. They want to take advantage of the credit, but buying now is hard due to the credit environment and their savings plans. It takes most people at least a year to save money for a down payment. there simply has not been enough time for people to prepare unless they were already looking and saving prior to this credit. if the intention was to move buyers who were already on the fence, then it has accomplished that.
If the bill fails then we can go ahead and finalize our plans in the time frame we have.
David from Missouri
August 6, 2009, 3:14pm (report abuse)A lot of people became serious and started saving for a home when this tax credit was originally announced. Many will fall short of their down payments due to economic factors and not make the cutoff date. I believe an extension through the end of 2010 will result in a large number of people getting into 1st time homes. Yes, push this one through!
Bruce G
August 8, 2009, 9:51pm (report abuse)We agreed to an offer on a short sale home recently and were told that the bank may sit on the approval for up to 6 months. If that's the case and we lose the tax credit I WILL terminate the deal and live in my parent's basement for another 30 years. A time extension would be great for someone like us in the middle of a deal.
Andrew B
August 9, 2009, 9:45am (report abuse)The house just defeated a bill that would have extended the $8,000 tax credit to $15,000. Sen. Isaccson of Georgia was the co-sponsor and he made the huge mistake of opening up the credit to everyone. They rejected it 50-47. Had he just left everything the same and extended it to $15,000, it would have likely passed. I too am getting married in October and we just bought a house. That $8,000 would be huge for us. Let's keep our fingers crossed.
Tom Adams
August 12, 2009, 4:53am (report abuse)Where does the money for the homebuyer tax credit come from? Our government is on the verge of insolvency, and taxpayers are on the hook for this. There is no such thing as a free lunch. Phase out the currently existing credit and housing prices will drop a minimum of $8,000 nationwide. This bill is nothing more than housing industry theft from taxpayers, and they know it.
Duygu Mokin
August 15, 2009, 7:08am (report abuse)My wife and I just got married and we could really put a little more cash to buy essential household items. We will have saved enough money for down payment to buy a house and turn it into a home by next spring, but I'm not sure if we can do it without the $8000 credit being extended.
John Smith
August 18, 2009, 12:43pm (report abuse)Like some of the previous posters, I too am on the verge of purchasing a new construction home. The builder may not be able to finish construction in time to close on November 30, 2009.
I know several people who are not purchasing homes because it appears to be too late to claim this tax credit. Passing this bill would be very beneficial in my opinion.
C. Robinson
August 19, 2009, 6:27am (report abuse)The credit is what made me think about purchasing a home in the first place. Please continue it and I will keep looking for my first home!
Jessica and Luke
August 19, 2009, 8:22pm (report abuse)PLEASE extend the credit!!! We are trying to patiently wait on a "short sale" home. We put the offer in on 6/25 and are STILL waiting for the 2nd Mortgage company to approve us (1st Company has already approved). This is our DREAM home that we hoped to purchase before our June 2010 wedding. We already have the down payment, just waiting for CHASE to approve. By extending the credit, we won't be forced into settling for another home by the November deadline! Nothing we have seen compares to this home, I'd hate to settle on something else, only to find out later that we could have waited out the bank and still claimed the credit in 2010.
RoCStarr
August 20, 2009, 4:41pm (report abuse)I just signed a contract for the new house. It will be completed by Jan 2010, so the extension will really help me. Please extend the credit!!!!!!!!!!!!
Tasha
August 21, 2009, 10:47am (report abuse)I REALLY wish that pray that they will extend this credit. My husband and I are ready to start a family. The only way that we can do that is if we purchase our first home. This credit would allow us to be stable after making such a large purchase. We work full-time and go to school full-time so our savings is too low for a downpayment. The deadline is WAY too soon we only need a few more months and we would have money saved for a downpayment on our first home. PLEASE PASS THE EXTENSION
Christie
August 23, 2009, 12:18pm (report abuse)My husband and I have an interesting situation. He owned our current home before we got married. I myself have never owned a home. Because we are married, and he has owned this home for a while, we are not eligible for the tax credit. I am hoping they extend it to all home buyers, but even though I would like them to raise it to $15K, 8K is good as 15K would put the government in a bad place. I would leave it at 8K and extend it for one more year to all home buyers.
Linda
August 24, 2009, 3:05pm (report abuse)If you want to move the inventory you need to get the at least 10 month hidden invetory out on the maket that the banks are holding and make the credit open to any buyers of a new primary residence regardless of if they have owned a home in the last 3 years.
Will
August 24, 2009, 7:08pm (report abuse)I am currently in a short sale. The contract was signed on the 3rd of April this year. I am waiting for an answer form the bank, Bank of America. They state a short sale approval can take up to 6 months and then it takes another 6 weeks to close. This makes the Nov. deadline rather tight especially since Bank of America has a very bad reputation for keeping deadlines. I would appreciate an extension.
B from Florida
August 28, 2009, 12:10pm (report abuse)I am in the middle of trying to purchase a short sale from Bank of America. The offer was put in on January 2, 2009. Based on the bank's lack of motivation it seems unlikely that we will be able to close on the house before the deadline. Not because of us, but because of the bank. I have offered market value on the home, but the banks have enough TARP money that they do not need to agree to sales.
An extension would make all the difference. It will help sale more homes, which in turn helps the economy. I plan to rescind my offer if the tax credit is not available when I am able to close. It is what made me decide to buy now.
Please extend the credit!!!!!!!!!
Jeff
September 6, 2009, 2:35pm (report abuse)I am working to save up for a down payment and clear up credit. It would be very helpful if this was pushed into next year. Also the sooner we know the better so that we do not rush to buy something before the Nov deadline is up.
James
September 7, 2009, 5:37pm (report abuse)I don't see why this wouldn't pass, anything that moves money from the taxpayer to banks is popular right now.
CC
September 14, 2009, 7:55am (report abuse)It seems that everyone is in the same situation here. Trying to clean up credit, save up money, house being built, etc....I am praying that the credit be extended because I am in the same situation. Saving up money, cleaning up credit, and wanting to put a contract in on a house that wont be ready until next year. If they let the credit end, the motivation to buy will end and all the real estate buzz that's flying around now will come to a screetching halt! In order to keep the momentum going and get the economy back on track, we need this extension!
EG
September 15, 2009, 10:59am (report abuse)I am also in the same boat. Cleaning up some small items on my credit file, and mainly trying to stash some cash for a down payment. Arbitrarily ending the credit on 12/1/09 doesn't make much sense. Especially for people building homes, the most sensible thing would be to leave the credit as it is, and simply extend it through 2010.
herman white
September 16, 2009, 8:20pm (report abuse)please extend tax credit my home may not be built in time!
Wanda
September 18, 2009, 3:37pm (report abuse)Please extend the tax credit. I too am awaiting approval for a short sale home. I would have to recind my offer if I miss the deadline of Nov 30, 2009.
Lee Ann
September 19, 2009, 5:52pm (report abuse)Extending the credit would help my husband and I with purchasing appliances and furniture needed for our new home. Trying to get the loan now and have been since July. Takes forever, they keep asking for more and more documentation so the house will not be finished by the end of November. Please extend this credit!
Tammie
September 20, 2009, 1:40pm (report abuse)Please extend the tax credit!!!!! I am in the process of having a home built and I will miss the deadline of Nov. 30 by 2 weeks. I really could use the 8000 to help buy appliances and other items needed to get settled into my new home. So please consider extending the tax credit.
Stephanie R.
September 22, 2009, 9:13am (report abuse)My husband, a veteran, and I are seeking a VA loan. We really need this extension to pass if even for a few more months in order to make our dream of home ownership come true. This $8000 credit while not significant to some would make all the difference for us. Please consider passing the extension.
BEKM
September 22, 2009, 12:04pm (report abuse)Please extend the credit! My fiance and I are saving up for both our wedding and hopefully a house. We won't have enough to purchase until January and with the wedding in March we could really use the credit for stuff in the house (appliances, etc.). If the credit is not extended we will probably wait until 2011 or 2012 to purchase.
Christa Pearson
September 23, 2009, 10:29am (report abuse)We put an offer on a short sale house in March of 2009 and are still waiting for the bank to look and accept our offer. We started in plenty of time to receive the tax credit but the way things are going we may not close before the deadline. Please extend the tax credit.
Pete
(logged in user) September 28, 2009, 10:47am (report abuse)I just recently got married and my wife and I are looking to purchase a home. By extending the tax credit we will be able to save more money allowing us to get the home that suites our needs, instead of rushing into a purchase that may not be right for us. I think the economy will see somewhat of a relapse if the credit is not extended at all which could be very dangerous at this time. PLEASE EXTEND THIS CREDIT!!
Ed2
September 30, 2009, 7:29pm (report abuse)This program has done what it needed to. It is time to shut it down. We can't keep spending like this.
hope
September 30, 2009, 10:17pm (report abuse)We were promised that our new home construction would be completed well before the deadline. Now we are being told that the builder is not able to keep up and may not complete many of their houses in time due to the number of houses that were sold because of this $8,000 incentive. We signed May 31st and rushed into it because "time was running out." Many people were promised that their homes would be completed but won't be because of the increase in business due to the money. We saved for a few years to come up with our downpayment so this money is only needed for appliances and furniture as we've went without. Please consider this extension as it has definately helped the economy in TX!!!! Thanks for your consideration.
Michael P
October 2, 2009, 10:52am (report abuse)I am waiting for title work to clear up on a land split and that won't happen by Nov. 30th. My buyers are first timers and will miss out on the tax credit. Even extending til Dec. 31st will help them. Extending til April 1st and claiming on 2009 taxes would make sense too. PLEASE EXTEND IT!!!
EG
October 2, 2009, 3:18pm (report abuse)Unemployment is up to 9.8 % in September. If the credit is not extended, the housing market will drop even more. People will not be as motivated to buy as they would be knowing the credit would be available through 2010. This actually would probably push house prices down by 8,000 dollars, as consumers will have far less motivation to buy.
There is far more wasteful spending being done in this country than offering financial assistance to homebuyers.
Arbitrarily cutting the credit off Nov. 30th is like putting a band-aid over a bullet hole. You need a little more treatment time to heal the wound. The same goes for the economy.
Kevin
October 4, 2009, 10:24pm (report abuse)I have backed off looking at any more homes until I see how this goes. If the credit is not extended I may wait a year or two. I was ready to move both money and credit wise but do not want to rush into one that I do not really want just to meet the deadline.
Caryn
October 7, 2009, 11:13am (report abuse)We are a military family overseas and are not able to buy a house; however, we are waiting on orders and have already started looking in the area to move to. Please extend, all we need is 6 months. We too have been saving and will fall short by 2-3 months if it expires.
Stephen
October 7, 2009, 11:08pm (report abuse)Please extend the deadline. I am moving to Florida next month and won't be able to start looking for a home until then which would mean that I would miss the deadline and most likely just rent until for another year or two until I am in better position to buy without the benefit of the credit. I suspect that there are many others in similar situations to mine.
Junebug
October 8, 2009, 10:05pm (report abuse)Interest rates are down to the lowest rate since May.This coupled with an extension of the credit will surely motivate more people to buy a home.Please extend the deadline, we too, desperately want to buy but cannot get all of the paperwork and move in before the expiration date.
kohl
October 10, 2009, 7:08pm (report abuse)I am on my knees praying that they extend this tax credit. 100% disabled veteran, FIRST time homebuyer, limited income, chance of a lifetime. I have been on board w/ a short sale since May 2009 and it is completely in the bank's hands whether we get this house closed by Nov. 30th or not. An extension would give me the opportunity to continue this waiting game. I'm willing to wait but I am running out of time just as many others are. It is ridiculously unfair because we don't have any control. If these houses are to get sold and off the market, it seems absurd to pull the plug now.
Trisha from Pa
October 11, 2009, 3:38am (report abuse)We have decided to build our first home and now we are i month shy of our occupany permit that will allow us to receive the first time home buyer credit. The Am. & Recov. Act 2009 did not even last a full year. Congress easily forgets all the red tape here is to complete a ome transaction. I believe I did my part in trying to help the economy. I think about the contractors, laboreres, electrician, heating & plumbing workers, not to mention the purchases of all our building materials and home appliances and furnishings. All we want it a little more time.
moises cuz
October 12, 2009, 2:47pm (report abuse)I am saving up as well. The current deadline is just too soon. Add another 6 months and will will have more time, and quite a bit more money to put down.
Gina from CA
October 12, 2009, 6:05pm (report abuse)My husband & I have been house hunting since 04/09. We have offered on many houses & been rejected. We finally found our dream house, a short sale, that has been at Chase bank for 60 days. We are now told that it may be another 30-90 days before they make a decision. We, too, will miss out on the tax credit because of this. My hours just got cut at work, and we will be forced to cancel the deal if the tax credit isn't extended. I'm heartbroken over this, and reading all these other posts makes me sick that we're all in the same boat. Everyone loses here - the buyers agent, the sellers agent, the loan officer, and the bank. PLEASE EXTEND THE CREDIT!!!! So many of us that are in the middle of a deal are going to lose our chance if you don't. What can we do to pass this???
Meg from NY
October 13, 2009, 10:12am (report abuse)We were perfectly content renting until this tax credit emerged...it was the impetus for us to start our home search and to save money more aggressively. We finally found a house, but are worried we will miss the deadline. Please extend this credit! I'm sure it will motivate many more first time buyers to buy their first home sooner rather than later.
Derek
October 13, 2009, 2:52pm (report abuse)I prefer that this credit expire as it is articifially inflating the market. I expect home prices will settle after deadline has past.
Please don't extend.
Nate Barnes
October 13, 2009, 7:41pm (report abuse)Please extend the credit! I'm in a short sale contract, waiting on the bank. We could really use the credit.
Thanks
SX
October 14, 2009, 8:36pm (report abuse)I am buying this short-sale property as my first house. Offer submitted at June, 2009. Oral acceptance from lender comes in September. And now is October I still did not get the contract.
I cannot close before tax credit expires on Dec 1. It is a major blow. May I quit buying in this market?
Thanks,
KPL
October 16, 2009, 5:51pm (report abuse)Been trying to complete purchase from owner of home we've been living in for 18 months since June - STILL stuck in "B of A short sell HELL"!!! We need the extention!
Carole
October 21, 2009, 3:43pm (report abuse)I can't even understand how they came upon the deadline of Nov 30 to begin with. With a major National Holiday like Thanksgiving and a long weekend in the way, people running down to the wire are having trouble with their lawyer's/bank lawyer's availabilty to close on that one Monday even if everything else is in order...What a mess. December 31, 2009 at least made more sense as an option. That's Washington.
cmac
October 23, 2009, 11:39pm (report abuse)Funny to see everyone with their hand extended out. How about a tax cut for everyone? Not a hand out from the govt.for just a select few. I cant use this credit because I am not a first time buyer. If it were a tax cut everyone would benefit. I wouldnt want the 8 grand for a house anyway. I want to earn my house with hard work, not the new way of the white house selective helping who it wants. Can you say redistribution???
NJB101
October 25, 2009, 9:38pm (report abuse)It's sad. You save, you sacrifice. You FINALLY find a place you can afford but the window of opportunity to purchase a home for the first time is in jeopardy because of political red tape. Keep the american dream alive by extendingn the first time home buyer deadline --- even if it's just for another 6 months!!!!! Please pass this bill so I can get the place of my dreams!!!
EG
October 26, 2009, 10:32am (report abuse)"How about a tax cut for everyone? Not a hand out from the govt.for just a select few."
What is welfare? What is Section 8? shouldn't those people who actually WORK to make themselves better, finally get something for their efforts, instead of paying the way for everyone else, rich and poor?
Michele
October 26, 2009, 12:53pm (report abuse)I think you, who want this tax credit, are short sited when it comes to what the ramifications for the country. Did you know that the current $8000 credit program has 500 million in fraud?? Did you know that $8000 checks have gone to illegal immigrants? Who is paying for this? That's right...the TAX PAYERS! Your $8000 credit means higher taxes and tons of fraud...think seriously about this,
Sandy
October 26, 2009, 2:04pm (report abuse)I am trying to purchase a repo home. Now they are telling us they have too may loans to close by Nov. 30 deadline and will not close until Dec. 1. We could loose the 1st time home owner credit because the banks are too busy to close the loan. Please extend the tax credit for everyone trying to purchase their first home which need the credit. Banks need the extension.
EG
October 27, 2009, 3:56pm (report abuse)Learn your facts...there was fraud in the industry LONG before the tax credit, and there will be fraud LONG after...Mortgage fraud is part of the reason the housing market it the way it is in the first place...its not just because of the credit, its been going on since the housing boom of the early 2000's. And no, illegal immigrants are not entitled to the credit...
Secondly...I pay all my bills. Fear not over me committing "fraud"
Concerned Tax Payer
October 28, 2009, 9:56am (report abuse)Please DO NOT EXTEND THE TAX CREDIT PROGRAM
We will all pay in the end for this ! It is not responsible
spending of our money. Home Prices will drop closer to where they should be if this is not extended. Lower priced houses are better for the Taxpayers. Do the math are we really saving anything if we have to pay it back later in Higher priced homes and of course HIGHER TAXES
Pls don't extend the tax credit program
October 29, 2009, 12:55am (report abuse)Without extending the tax credit program, the housing prices will be lowered by the credit amount and the government and ultimately taxpayers won't have to bear the burden of extra taxes
Danielle Watson, Las Vegas
October 30, 2009, 1:22pm (report abuse)The tax credit will be helpful to many and we know that this isn't going to come cheap, however, with this little bit of a stimulus, homes will be purchased and the money from this will more than likely be used for home improvements, energy efficient appliances, flooring, paint, and the list goes on. With the foreclosures on the rise and homes being left for dead, this is definitely a way to get those homes sold and kept up again in neighborhoods where these homes are sitting and waiting to be loved again! So, with that said, this isn't something that is frivolous and a waste of all of our taxpayer dollars, it's something that has been a plus. We all bear the burden of taxes, and I would rather see my tax dollars used for this program than war. Let's see if Congress can come up with a happy medium for all.
Michele
November 3, 2009, 1:08am (report abuse)74,000 cases of fraud have hit this $8,000 tax credit program...and yes...these checks have gone to illegal immigrants, as well as children some as young as 4 years old getting checks. 53 IRS tax agrents have also been found to have received $8,000 checks fraudulently. Banking fraud is a problem, and always has been...why don't we try to fix that instead of handing out more "free" money? Why don't we cut taxes for all, instead of rewarding a few with our tax money? This is as much of a disaster as cash for clunkers!
Kimberly
November 3, 2009, 3:11pm (report abuse)I am ready to buy and have been looking for over a month; however, 90% of the inventory is short sale, which takes longer to close. At this point, I would miss the deadline if I offered on a short sale. Finding a "regular" sale listing drastically cuts a buyer's choices. Please, please extend so buyers can include short sales in their options!
Trisha S. of Pa.
November 5, 2009, 3:58pm (report abuse)Thank you Congress!
EG
November 10, 2009, 3:49pm (report abuse)You do realize that if 4-year olds and illegal immigrantes are getting checks, that just shows the ineptitude of the government and its ability to perform simple verification tasks. Maybe the country is best served by putting more money into taxpayers pockets than into government entities like the IRS who clearly cannot do the jobs they were commissioned to do.
P.S. I would worry far more about the costs of healthcare reform, costs which will dwarf the monies spent on this credit....