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There has been a lot of buzz in the media over last couple of days about extension of First Time Buyer Credit. National Association of Mortgage Brokers (NAMB), National Association of Home Builders (NAHB) and National Association of Realtors (NAR), have been working with the Government for sometime now to extend the credit. Without the extension, the credit is set to expire on Nov 30, 2009.
There have been lot of proposals including not only extending the credit but expanding it to cover all kinds of buyers (and not just the First Timers) and/or increasing the annual income cap to $300,000.
Bloomberg quoted Regan Lachapelle, an aid to Senate majority leader Harry Reid First-time homebuyers who close before April 1 would get the full $8,000, and the credit value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
I personally do not believe the credit will be expanded. However, there is a strong likelihood of this being extended. The bill could pass the senate as early as next week.
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