Also Read Part 1 of this post: Current Mortgage Rates and the First-Time Home Buyer Tax Credit Extension Part 1
Part 1 | Part 2
Another Proposed Tax Credit Extension Bill
For those of you who are procrastinating, and haven’t taken advantage of the first-time home buyer tax credit yet there is a bill being proposed in the U.S. Senate with a vote possible sometime next week which would extend and expand this very popular tax credit program.
There is a point in time when we owe it to our country, we owe it to our economy, we owe it to mainstream America, where we know we have a proven program that works, to extend it and buy the marketplace,” said Sen. Johnny Isakson, R-Ga., who is sponsoring a home buyers’ credit extension with Senate Banking Committee Chairman Christopher Dodd, D-Conn.
The Isakson-Dodd proposal would extend the credit to June 30, 2010. It would also remove the first-time home buyer requirement and raise the eligibility income limit to $150,000, or $300,000 for a couple. That’s double the current phase-out limits.
Current Mortgage Rates Remain Low
Let’s all hope and pray this new proposal does get passed. With foreclosures still threatening to effect home values in many area’s of the country something needs to be done, especially with current mortgage interest rates at or near their historically low range.
Current Mortgage Rates WILL NOT remain low forever
My concern is even if the tax credit is extended and it is expanded there will still be consumers out there trying to wait to get that extra .125 to .25 in a lower mortgage interest rate, Then when rate’s rise, (which by the way, they will) their procrastination may cost them an opportunity to qualify for the loan, qualify for the home they so desired.
There is no time like the present. The perfect opportunity to purchase the home of your dreams or refinance your current mortgage is now. Please do not miss the boat for an opportunity, if the first-time home buyer tax credit is extended, expanded to help our government help the economy by helping yourself in exercising all options available at your disposal.
If you have any question that you would like to get answered by our expert mortgage brokers, please email us or call us at 1-877-868-2503. See our Current Mortgage Rates. 
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October 22, 2009 @ 7:55 am
Very informative post, this is really what we all need to know, i am going to retire from my company and planning to start my own business but i dont have much information about reserve mortgages and its uses, but after reading your post i am feeling quite satisfied now i can take better decision about my future.
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