--> New information about $6,500 Housing Tax Credit <--
There is support from both Democrats and Republicans to make changes to the current $8,000 tax credit and to add provisions to allow for the $6,500 Housing Tax Credit for those who have lived in their current home as a primary resident for 5 years or more.
EXPAND AND EXTEND THE TAX CREDIT!
We need your help to extend and expand the $8,000 Housing Tax Credit for first time home buyers beyond December 1, 2009. With the voice of realtors, builders, home buyers and manufactures, we can let Congress know that this is what will help the slow economy and not stop the housing recovery.
Unless Congress hears from you, the housing tax credit of $8,000 for first time home buyers, will expire on November 30th of this year. If you have to let your Congressmen and Senators know how you have been helped by this tax credit.
Perhaps you have a family member that has benefited from the $8,000 home buyer tax credit. After you purchased your home, did you buy new landscaping, paint, flooring, cabinets, carpet, furniture or other furnishings for your home? Please take the time and write or e-mail your members of Congress and let them know how this tax credit has helped your family.
The tax credit is working and some positive numbers and decrease in housing inventory has taken place. The Housing Tax Credit is the only part of the stimulus bill that directly targets individuals.
The Housing Stimulus $8,000 Tax Credit for first time home buyers is helping people and families realize the dream of home ownership. This tax credit has been a benefit to home buyers and sellers, realtors, builders, manufactures and everybody connected to housing.
Take the time and spread the word about on how the $8,000 Housing Tax Credit is working. Tell your family, neighbors, co-workers, friends, customers or suppliers.
We need your help today!
President Obama signed the Economic Stimulus Bill in Denver.
Details about the $8,000 housing tax credit ... www.8kTaxCredit.com
Provisions of the Economic Stimulus Bill
Housing Tax Credit $8,000:
Time frame to buy? - By December 1, 2009
First-time home buyer? - A buyer who has not owned a home for three years.
Married first-time buyer? - Both buyers have not owned a home for three years.
THE VOTE - Economic Stimulus Bill
The House voted and the Senate voted in the afternoon and sent the Economic Stimulus Bill to President Obama, who will sign the $787 Billion Economic Stimulus bill on Tuesday, February 17th, in Denver.
When President Obama signs the bill we will update www.HousingStimulusPackage.com with the details on the Eight Thousand Tax Credit for first-time homebuyers. The full details of the $8,000 housing tax credit and how it applies will be available the first of the week.
One of the key new items of the $8K tax credit is the repayment requirement has been removed, unlike the $7,500 tax credit.
Along with a $8K tax credit for housing, there are other provisions that will help other housing issues. Please check back for more details.
THE STIMULUS BILL - How 15K became 8K
Home builders, realtors and buyers were looking at a $15K Tax Credit a few days ago, but now it has been cut to $8,000. The Senate had added it to the economic stimulus package, but the total cost of the package had to be cut.
Home builders, realtors and buyers will be disappointed that the $15,000 did not make it into the final bill. The new numbers will lower the total cost to the economic stimulus by about $33 billion.
The repayment requrement will be eliminated in the current tax credit for 1st time home buyer. The old $7,500 will be replaced by the new $8,000 tax credit that will not have to be repaid subject to limitations.
The tax credit is $8,000 for now, but it is subject to change.
SENATOR ISAKSON'S $15,000 TAX CREDIT:
As it currently stands (last week), the Senate has voted and passed an amendment to the economic stimulus package that will give up to $15,000 tax credit towards a new home. This amendment was offered by Senator Johnny Isakson (R-GA). . .(more), with Senator Joe Lieberman (I-CT). . .(more) as a co-sponsor that would extend and expand the home buyer tax credit. The proposed amendment details are as follows:
- A tax credit in the amount of $15,000 or 10 percent of the purchase price.
- Tax credit option to be used all in one year or spread out over two years.
- The tax credit is available for one full year.
- You can claim the tax credit against your 2008 tax return.
- Buyers must occupy the homes for two years or face recapture of tax credit.
- Investors are not eligible for the tax credit.
- The previous $7,500 Housing Tax credit will be sunsetted.
- It will add approximately $18.3 billion to the stimulus bill.
The Senate unanimously approved a proposal by Senator Isakson (R-GA) that would give a $15,000 tax break or up to 10% percent to anybody who buys a house by the end of the year.
Home builders and members of the home building field immediately cheered its passage. The amendment is a much needed help to builders and suppliers of the housing industry.
Today Senator Ensign (R-NV) will offer amendment #353 ... "Fix Housing First Act" ... which is broader and include a mortgage rate buy down program which could lower mortgage rates to as low as 4%. This plan is another amendment that is right for the housing industry and should be supported. The interest rate buy-down would really help all home owners.
Your help is needed as we all face the crisis in the housing market. The Senate has to see that the solution to the current national crisis needs to focus on housing. We need to include all home buyers in the housing stimulus provisions and create a mortgage interest buy down that will stop the downward housing crisis.
NOW IS THE TIME TO ACT!
If you are interested in helping the housing industry, please call you Senators and encourage others to call their Senator as well. The e-mail address and phone number for your Senator is at the following links.
Phone numbers for your Senator . . . choose your State
E-mail form for your Senator . . . choose your State & then click on Web Form
Consider sending the following request ... Copy, change the words and paste into your e-mail message.
Please support any proposed amendments to the Senate version of the economic stimulus bill that would create a mortgage interest buy down and enhance the housing tax credit for all homes. The answer to the current crisis is to put a bottom on the housing market and a true tax credit with a lower interest rate for a short period of time is the answer. We need your help to fix the housing problem.
For more information about how to fix housing first <--click here
This week we will find out what the final Stimulus Package might be.
Is the Stimulus Package the final answer? ... check it out!
Senator Ensign (R-NV) and Senator Cardin (D-MD) have introduced a tax credit bill (Senate 312) in the Senate that has more to offer for housing. Ensign and Cardin are working closely with their colleagues to consider this bill as part of the stimulus bill or as a stand-alone measure.
Senator Isakson (R-GA) has introduced a tax credit bill as well ( Senate 253). It would eliminate the requirement for the tax credit to be repaid.
Both of these bills should be offered as amendments to the Senate stimulus bill when it goes to the floor next week.
WBTV news coverage: www.wbtv.com/global/story.asp?s=9743075
Polititico story: www.politico.com/news/stories/0109/18054.html
Polititico story: www.politico.com/news/stories/0109/18093.html
SENATE VOTE:
We Need Your Help . . . A Senate Vote Is Imminent!
The Senate will vote on the stimulus bill this week. Sen. Isakson (R-Ga) has introduced Senate Bill 253 -->FOR MORE INFORMATION<-- which contains the provisions that will help the housing market. The housing market collapse is pulling down the entire economy, creating a credit freeze and putting hundreds of thousands of American jobs at risk. To get our economy back on track, Congress must address housing.
RECOVERY PACKAGE:
We need a recovery package that will cover many areas of our economy. We need to create jobs in technology, alternative fuels, road/bridge building, construction, infrastructure, hospitals, schools and the internet.
The recession and the net job loss that we now have will require hundreds of billions of dollars to solve the problem. We now have unemployment above 6.5 per cent.
Barack Obama plans to revitalize the economy because his economic group believes that a giant stimulus package is required to revitalize the economy.
With the legislative agenda that Barack has promised, he will have to find ways to fund the legislation. This legislation must fix some major problems for our nation. The total cost is about $800 billion or more.
One part of the legislation might fix the $7,500 tax credit for housing and make it a credit that will not have to be repaid.
WASHINGTON:
Drawing on more than three decades of experience in the real estate industry, U.S. Senator Johnny Isakson, R-Ga., today introduced legislation to jump-start housing demand and to boost the economy by expanding the homebuyer tax credit ...
FIX HOUSING FIRST :
We need Congress to help jump-start the housing industry by moving quickly to give consumer confidence. We need to "Fix Housing First" by bring homebuyers back into the housing market with all of the following:
A 10% tax credit up to $22,000
Allow credit towards down payment
Credit repaid if sold within 3 years
Interest 2.99% until June 30, 2009
Interest 3.99% until Dec 31, 2009
Our nation is in the midst of an economic crisis just like the Great Depression. Housing is the key to recovery and Congress must take bold action to spur a housing recovery. We need a new economic stimulus package that the Obama Administration along with Congress should consider.
If you fail to fix housing, home values and home sales will continue to decline and more foreclosures will drag property values down even more.
Congress should make the recently implemented home buyer tax credit much larger. The mortgage rates should be set to 2.99 percent with the government using a buy down. These measures would help stabilize home values and save thousands of jobs. It would help both the housing market and the economy head back in the right direction
We have had similar downturns in the past and Congress enacted similar policies, which work then, and will work again.
The American housing market is pulling down the entire economy and we need to "Fix Housing First". The value of every American home is dropping in value each day and we need to stop the devaluation of housing. We have thousands of American construction workers out of jobs with the risk of even more job lost in the future.
A new housing stimulus package is the answer for America because we need to ""Fix Housing First"". The housing stimulus package would give buyers an incentive to buy now and not wait for next year to buy a home. This would also solve some of the problems with foreclosures because you would be giving reasons to buy now.
STIMULUS PACKAGE $7,500 :
Housing Stimulus Package to Provide up to $7,500 Tax Credit, Stabilize Neighborhoods, Attract New Capital to Communities:
This legislation, Housing Stimulus Package, will provide an enormous help to the housing problem and housing industry. It gives a temporary tax credit to first time home buyers and will help the mortgage market and troubled loans. The federal government is providing this $7,500 tax credit for first time home buyers.
You will have to buy your home by June 30, 2009. If you are single, the benefit phases out if you earn more that $75,000. For couples, the earning level is $150,000.
The Federal Government has approved a major Housing Stimulus Package that will address the turmoil in the financial and housing markets and to bolster the nation’s faltering economy.
One of the key items in the Housing Stimulus Package is a $7,500 tax credit for first time home buyers. This will amount to an interest FREE loan. You will have to pay it back, but it is interest free.
Congress has worked to provide relief to the American people with this Housing Stimulus Package which contains several provisions to help home buyers and stop the slide in home prices. It provides a real lifeline to borrowers facing foreclosure and improves on mortgage liquidity and bolster confidence in Freddie Mac and Fannie Mae.
Senate Banking Committee Chairman Chris Dodd, calls it “The most important piece of housing legislation in a generation.” Senator Dick Durbin, “I’m pleased that the Senate is addressing the housing. While it is not a perfect bill, it is a recognition that this is a crisis which is not capable of healing itself.” Senator John Mc Cain, said "he supports the housing bill passed by Congress yesterday to stem foreclosures and aid Fannie Mae and Freddie Mac." Senator Barack Obama, "I applaud the Senate's passage of urgently needed housing legislation which the President has finally agreed to sign." House Speaker Nancy Pelosi, said that the bill “Represents the most far-reaching reform of our nation’s housing finance system in a generation.”
Housing and Economic Recovery includes several provisions aimed at ending the current cyclical downturn in the housing industry and strengthening the housing finance system.
This Housing Stimulus Package with not only help the first time home buyer, but will help people in foreclosure as well.
The Housing Stimulus Package gives the first time home buyer a tax credit of $7,500 that basically is a interest free loan.
This Housing Stimulus Package will certainly offer help in the mortgage re-negotiation and foreclosure area. It will also stimulate housing demand among first time home buyers with a 15 year interest free loan of up to $7,500. The loan, which is really a tax credit, will have to repaid over 15 years.
If you sell the home before the 15 years are up, you will have to repay the balance, if there is any gain over the original purchase price. The payment on the tax credit is not due until 2010 or when your tax return is filed. The payment of the tax credit, if you claimed $7,500, would be $500 per year until it is paid.
POSTING:
Many Americans including myself and co-workers are stuck in our current homes because we just can’t sell while the prices are so depressed. We would love to downsize and cut the size of our mortgages, which in many cases are larger than the FMV of the home.
If Congress would allow homeowners to take an ordinary loss on the sale of their homes it would be the biggest stimulus imaginable to the housing segment. Housing would start moving because people would be subsidized on their losses by the tax savings. A real tax break for taxpayers who lost real money!!!!
So many Americans like me bought within the last five years and have huge losses in their homes and yet we continue to sink good money after bad into them in the hope that we can survive until prices recover a little bit. We are trapped and every month it pulls us down a little bit further.
I have not heard this idea presented by anyone and yet to me it seems such a smart part of any recovery plan for the housing market.
Bonnie ... Northern Virginia
Posting request for HousingStimulusPackage.com
Questions about the $8k Tax Credit
Details about the Home Improvement tax credit ... www.TaxCreditForHousing.com
Refinance to a Fixed rate mortgage while rates are low |
Disclaimer - The information on this website is for general purposes only and you should seek professionals in buying a new home. The federal tax credit or other tax benefits information should be reviewed with your accountant or other professionals. The information is presented with no guarantee of the total information on the subject.