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

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I too am in the process, my home is being built and it's almost done but may not make it by the deadline. Because it will still have to go through the bank,and attorneys which you guys are saying takes a long time. They tell me I may not close until February. They really do need to extend this and give us more time. I really need that credit.

Dee Dee of NY 12:18PM October 09, 2009

I am hoping the first time home buyers tax credit will be extended. We are in the process of being pre-qualified and by the time we find a home, it will be near the end of November (if we are lucky). The market has so many short sales and it's hard to find active homes to purchase at what we can afford. Please extend it for another year. The economoy desperately needs it and families need it too.

Sue of CA 10:27AM October 09, 2009

Yes, it keeps going. I have been waiting to hear back from the bank for 2 and a half months. If the tax credit is not extended, I will probably lose out on this property. It does not appear that the banks are prepared, willing, or able to make quick decisions; therefore, I have been looking to alternative properties to have as backups. Ideally, I would be able to wait for the short sale to go through. It is a good deal and it will help the seller and bank not foreclose. Please extend the new homebuyer tax credit and please let us know it is extended as soon as possible!

Alison of GA 10:12AM October 09, 2009

i agree we are in a similar situation. i don't know why short sales take sooooooo long i have heard of some waiting 6 months or more on a short sale. if they don't extend it we will miss out as well because of waiting on the banks and attorneys.

donna of KY 7:09AM October 09, 2009

I am currently serving overseas in Iraq and have been on deployment all of 2009. I think the rest of you complaining about things, don't really have grounds to complain. I understand things are tight and you want every penny you can get but give the people that fight for your freedom some type of break. Be happy that we can try and live a normal life and get the same opportunities that you did during the 2009 year. Just saying life is not that rough for you and if it is you can do something about it compared to service members stuck in the biggest desert on the planet!

P of WI 5:59AM October 09, 2009

I am attempting to build a house at my next duty station and close by the deadline. I was deployed in 2008 and returned in February 2009. The house just voted to extend for military members but only for those who had deployed for three months of service in 2009, I only had two. I had to attend a military school for 6 months and just found out my next duty station last month (no time to plan ahead). Thanks for the extension, but I fell in a crack.

Dennis of MI 11:21PM October 08, 2009

Short sales are swallowing up the time that this credit is available and many who got stuck in short sale purchases, like myself, are at risk of losing the tax credit not by our own fault but by banks who are short staffed and ill-equipped to handle the surge of purchases. Our offer was accepted almost 90 days ago and the bank has JUST NOW started reviewing the file.
I think extending this for people who are in contract (offer accepted) by deadline time would be great because many of us can't help how slow the banks are and techinically we would have closed in time if they were getting it done more efficiently.

Jason Kentros of CA 11:12PM October 08, 2009

The answer to extend or not to extend can be answered by extending, but only to those contracts that are pending by December 1st. This will keep buyers committed to their transactions and increase home sales within the next month.
Read my complete write up here:
http://www.brentwoodgrove.com/2009/10/08/8000-first-time-brentwood-homebuyer-stimulus-package-nears-end/

Jeremiah Peterson of CA 9:55PM October 08, 2009

As an agent from ground zero here in Las Vegas, I am hoping they stretch this November 30th deadline for all first time home buyers. The market has been very difficult for the first time home buyers because they are a lower price point which is also where all of the cash buyer investers are. It's hard for an FHA buyer to compete against a cash purchase. I recently had a buyer take 11 offers before getting a home under contract. We ended up with a short sale property because there is less competition. Even so, this home had a dozen offers on it. A short sale is never guaranteed to close either. A short sale is a special transaction where a lender accepts less than what is owed on the home to avoid foreclosure. Please visit www.lvshortsales.com for info on short sales.
I am happy that our service men and women will get an extra year to use the tax credit that has really helped our market.

Jeff Mix of NV 7:02PM October 08, 2009