An Extension to the $8,000 Home Buyer Tax Credit?

I told you so...five months ago, (see below) I said, "It is not just the first time homebuyers who are needed to stimulate the housing market, investors are critical to this process". FHA now realizes (better late than never) how critical a role investors play in stimulating the housing market, they decided to place a one-year moratorium on its anti-flipping rule, which will allow buyers with FHA-backed loans to purchase homes that have been held for less than 90 days. More info at http://www.hud.gov/offices/hsg/sfh/waivpropflip....

I told you so...in my post five months ago, (see below) I said, "It is not just the first time homebuyers who are needed to stimulate the housing market, investors are critical to this process". FHA now realizes (better late than never) how critical a role investors play in stimulating the housing market that have agreed to place a one-year moratorium on its anti-flipping rule, which will allow buyers with FHA-backed loans to purchase homes that have been held for less than 90 days. More info at http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf.

I believe the tax credit should be extended. I for one am a schoolteacher and am saving every penny I can just to afford a down payment. I am currently in the process of getting my credit cleaned up as well to a satisfactory score. But, it just doesnt seem fair that I have this one small open window in time to get ahouse, which isnt enough time for me, including the fact that I can't qualify for any teacher discount because I supposedly "Earn too MUCH!??????" Who says a schoolteacher earns too much to buy a home? I am single with no dependants and they say that I may never be able to get into a home unless I am married with dual income. Ok, so I am never getting married and having kids, I like to be myself, Where is my break?

I thought they might extend it and it would be a good idea to keep interest up in housing purchases. However, the market is still an excellent time to buy since mortgage rates are down and also there are still bargains out there. The government is going to have to do something to curb spending and it is going to be interesting to see if they reduce this program. I personally bought a home and I tell you that it is taking quite some time to get the tax credit. I think they got more interest than anticipated and are slowing things down. but who knows?

I believe the first time home buyer credit should be extended and yes I am one of those. This act was passed in Feb.of 2009 and is set to expire Dec1, 2009. That is not even a year to allow American citizens to prepare for this oppurtunity and act on it. People easily forget the wonderful red tape that surrounds every dollar that is spent in this country and how much time it takes to get loans approved, banks to process, and closings to occurr.

The Housing Tax Credit should be allowed to expire and not be extented because an extention will only encourage potential buyers to sit back and wait until the next expiration date is on the horizon before they make that move to buy, which will most certainly defeat the intent of the program. If buyers are convinced that the expiration date is within a few months, they will go out and buy but if they know they have much more time before the expiration they will sit back and do nothing until the next expiration is near again. Immediate action is needed to jolt the housing market not "washington fluff". So buyers, be decisive and act now in this buyers market while rates are low.

I strongly believe that the homebuyer credit should be increased and should include everyone not just first time homebuyers. It is not just the first time homebuyers who are needed to stimulate the housing market, investors are critical to this process. Many first time homebuyers are not attracted to distressed properties (fixer-uppers) because of the magnitude of work and money it will take to rehab them. Additionally, even if some first time homebuyers are interested in these types of properties, it is so tedious to obtain government backed funding that it sometimes not worth the hassle. Investors are the ones buying and fixing up these distressed properties and thus are essential to stimulating the housing market. So what if investors "fix and flip", is that so unamerican or any different from banks and lenders buying and fliping mortgages almost every minute? Who is protecting the consumers from those vicious predetors?