House Votes to Extend First-Time Home Buyer Tax Credit for Service Members

Reader Comments
Back to blog

The entire tax credit is an illusion. My people think, "Wow! I will get an $8000 tax credit and I can now get a home." What they don't realize that they are still spending in an INFLATED market AND they are bidding up the house beyond the supposed $8000 savings. In other words, what's the point of 'saving $8000' when you are overspending by at least $20000? At the end of the day it is a net loss. The only thing this tax credit does is benefit the Real estate lobby...not the actual home owner. It SHOULD NOT be extented for ANY reason to military or anyone.

Robert of VA 10:46AM October 17, 2009

While the tax credit has been available for many months, many banks are not releasing foreclosed houses and they keep the qualified buyers waiting for months to get paperwork back to close on the home. They also change almost daily their loan requirements on FHA etc.. even though the government has offered to insure the loans! They refuse to lend to many buyers whole qualify for insured loans to keep the bailout money. It should be extended for everyone as the banks took OUR bailout money and have not properly used it to stimulate the economy. They put OUR bailout money away or they purchased other banks with the money instead of putting it back into the economy to stimulate job growth.Where is the oversight!!!

Kerri of FL 10:11AM October 17, 2009

While my Father is a veteran, my husband is not. While I agree the tax credit should be extended for those who serve, it should also be extended to include ANYONE who can purchase a home as a permanent residence (this would exclude investors and "flippers"). Why should any American be penalized for having owned a home during the prior 3 years. If stimulation of the economy is the true "end to the means", then no American should be excluded from taking advantage of this program.
Additionally, let's forget about a National Healthcare program and concentrate on LOWERING overpriced medical fees in general. Should the base cost of an MRI really land somewhere between $8,000 and $15,000++??? I think not! President Obama needs to stop pushing the Socialist agenda and start worrying about America the Democracy!

AmericanGal of IL 9:42AM October 17, 2009

This tax credit has helped millions of our citizens. It has encouraged first time home buyers to take advantage of home ownership opportunities. Our Government has made a lot of mistakes, but this isn't one of them. They should vote to extend this program for every US citizen, and even increase the amount. With Wall Street handing out billions of our tax dollars to corporate heads as bonuses, this is the very least they can do.

Gene of VA 9:36AM October 17, 2009

what about those that are currently serving - even if not in an overseas capacity - and those vets. That would get ALOT more homes sold.

mari of NC 9:34AM October 17, 2009

How about us civilian workforce that still work in combat zones and in war zones. We also pledge to defend the consitution and the USA, fighting side by side with the military. We serve a set amount of time overseas just like the military, except in most case we volunteer to serve overseas.

James of MD 9:28AM October 17, 2009

i've been up against the deadline and unable to buy a home because i keep getting outbid, or a more attractive offer (cash/conventional) is presented. I served in the Mid East from November 08 til June 09, so i'm glad to have some extra time to work with. I think the point of this extension is to grant SVM's like myself an equal house hunting time period to take advantage of the credit. Although deserving, giving the extension to every Veteran might be economically unreasonable. But I'm not an expert in this matter.

mark of FL 4:40AM October 17, 2009

ALL WAR TIME VETS WHO SERVED OVER SEAS IN A WAR ZONE SHOULD BE ABLE TO RECEIVE THIS TAX CREDIT.NOT JUST A FEW. AND THE TAX CREDIT SHOULD APPLY TO VETS WHO ALREADY HAVE A VA HOME LOAN.

RICK SCHIEFELBEIN of WA 1:30AM October 17, 2009

What about RETIRED veterans? My husbnd served 20 yrs and we are first time home buyers. We'd love to be able to take advantage of this extention too!

Victoria of VA 11:19PM October 16, 2009

When I bought my first house while in the military I was leaving 3 days after closing. There was no tax credit offered to me. I served 3 tours in Iraq and now I have been medically retired and want to buy my permanent house. How about extending these benefits to people like me who could really use it living on disability alone. It is twice as hard for disabled Veterans to purchase a house even using VA loan benefits. Wheres the love for my kind of people.

KC of TX of TX 9:40PM October 16, 2009