Posted by: Larry Stevens | July 8, 2010

Federal Home Buyer Tax Credit Extended

Your Boise Realtor Larry Stevens is proud to announce some good news for Idaho home buyers in the process of buying their homes! As most of you know the best way to get a great deal on your next home in Boise is to work with a experienced Boise Realtor who knows the real estate market and is familiar with the local real estate trends here in Idaho. A skilled Realtor will be informed on the latest laws, incentives, and regulations that you need to know about to avoid home buying pitfalls and get the very best home for your hard earned dollars. Congress announced some great news if you are already in the process of closing on your Idaho home, let’s take a look at that news now:

Congress has extended the deadline for the popular home buyer tax credit by three months. The extension is only for the home buyers who signed a purchase contract by April 30 and need extra time to close their deals. The deadline to close was Wednesday and the extension will push that deadline to Sept. 30. This incentive offers up to $8,000 for certain buyers.

Backlogged with the number of people trying to close their deals by the previous deadline, Real estate brokerage offices and mortgage lenders lobbied heavily for the extension. They estimated that the extra time would assist some 180,000 people nationally who qualify for the credit but did not appear as if they would meet the Wednesday deadline to close their deals. This extension will greatly help people in Idaho and across the country who qualify for the incentive but whose deals have been delayed from closing through no fault of their own.

There are a lot of people in short-sales transaction where the escrows take a lot longer than is often expected. Most of the delays are because of lenders taking a little longer to get loans, or getting approval from short sales.

The federal home buyers tax credit was created in 2008 by the Bush administration as a $7,500 incentive for first-time purchasers, who were required to repay the money in a series of installments. Congress increased the amount to $8,000 in February 2009 when it passed the economic stimulus package and waived the repayment requirement. It is estimated that a total of 4.4 million people have received the credit since it was made nonrefundable last year. That includes 2.9 million first-time buyers and 1.5 million repeat buyers. It is hoped that extending this credit will allow many last minute home buyers the chance to get these valued tax credits and to help bolster the real estate market as a whole.

Are you looking for the best homes in Boise online? I can help you find what you are looking for! Visit my Boise Realtor website for the best Boise and Idaho home searches online today! Search by city, price, features and more – you can even use my Dreamhome Program to have homes that meet your needs emailed to you automatically!

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