$8000 Credit May Be Extended !!

I had this article sent to me by my favorite mortagage originator . Check it out!!

Nelson Says Senate to Extend, Reduce Homebuyer Credit (Update1)
By Ryan J. Donmoyer and Dawn Kopecki \

Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.
Lawmakers are under pressure from real estate agents, mortgage brokers, and homebuilders to extend the $8,000 credit before it expires Nov. 30.
Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
The proposal was intended to counter one by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Senator Johnny Isakson, a Georgia Republican and former realtor, to extend the full $8,000 credit through next June, and to expand it to all couples earning $300,000 or less. The Baucus- Reid proposal would continue limiting the benefit to first-time homebuyers, Lachapelle said.
Business Tax Break
Baucus and Reid also proposed an extension of a business tax break that allows companies with losses in 2008 and 2009 to amend tax returns for any of the previous four years to get a refund of taxes paid. Without the benefit, companies would have to wait years to apply those losses against future profits.
A version of the benefit was included in last February’s economic stimulus bill, though it was limited to companies with receipts under $15 million. A lobbying effort by business groups, including the Washington-based National Association of Manufacturers, to extend the benefit to all companies failed at the time; the Obama administration has since proposed a broader benefit in its budget.
The terms for extending the homebuyer tax credit are still being negotiated, Lachapelle said.
To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com Last Updated: October 26, 2009 13:33 EDT

Take advantage of the tax credit. Time is running out!

Are you hoping to take advantage of the First Time Homebuyer Tax Credit?

In order to be eligible for the Tax Credit you must close by November 30,2009. In order to close by November 30, 2009, you will need to have you home under contract by October 15, 2009.

Call me today to help you being your home search!

If you have any questions about the tax credit or the real estate market, please give me a call.

Chris

Homebuyers Fair

Home Buying Made Easy! A Free Semiar Hosted by Seven Days!

Presented by Chris von Trapp, Coldwell Banker Hickok & Boardman and Jay Vallieres, Mark Chaffee Group of Mortgage Financial

Find out everything you need to know before buying a home — from loan pre-approval to closing.
*PLUS get information about the 2009 First Time Home Buyer Tax Credit — up to $8000 in your pocket!
Thursday, March 26, 6-8 p.m.
ECHO Lake Aquarium & Science Center
5:30 Check-in, light dinner provided
RSVP required http://www.sevendaysvt.com/