Extending the Home Buyer Tax Credit?

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It's very clear that the previous first time home buyer's credit programs have worked to stimulate the housing market, and the U.S. economy. We need to keep those sales growing and allow as many first time home buyers as can qualify, to take advantage of a continued program to further stimulate this tremendous growth in our ecomony. I haven't seen or heard of any government intention to continue the first time home buyer's credit program past April 30, 2010 and closed sales on or before June 30th, 2010 except a 90 day extension to those who are currently serving in the military. That isn't right, Why isn't there an outcry to conintue doing something that is such a great advantage to our economy?
Could someone please look into this and let us know what's going on. We need this program.

Larry Manchester of CA 1:53PM May 06, 2010

My husband and I are in the process of buying a short sale home. We're concerned with whether we will close before the November 30th deadline. The process is long. Part of the reason we moved quickly on buying a home was that tax incentive. The majority of homes in the area that we live in are short sales or foreclosures. It makes complete sense to extend the credit. It will give buyers more incentive to buy, which in turn helps those that need to get out, and will keep the banks from owning homes for those people that can't afford to keep them. It's really a win win situation for all involved!

CB of CA 4:20PM October 12, 2009

I qualify for the NSP down payment assistance program as well as the First Time Homebuyer -- tax credit. This is the MAJOR FLAW with the program: The NSP program requires that the sales price of the home be 1% less than the appraisal. I live in Phoenix, AZ. We are competing with a frenzy of investors who are plunking down money to buy everything under $200,000 on the market. The NSP purchase requires that the home be a 'foreclosure'. It cannot be a short sale or a normal sale. The lenders who own the foreclosures are taking cash sales for less than the NSP offer because of the verbiage in the 'Eligiblity Letter', the strict requirements to get the down payment, and the 1% less than appraisal. As a result, this program; at least here in Phoenix, AZ is failing. It is October 10th. There has been only 3 NSP -- Phoenix closings with 75 families identified as eligible for the program. The City of Phoenix estimated that 700 families would be helped by the program. These families would be first time homebuyers and don't have a chance of "snow in July" of getting a home, much less the first time homebuyer credit. It is disheartening, especially since we (the homebuyer) have paid the $50 for the HUD classes, left work early and taken days off to meet with counselors and attended the classes, all to find we don't have the chance of purchasing a home for the amount of which we have been approved. We have spent the time of the mortgage people qualifying us for our LSR and to find a Realtor willing to work with us is pretty near impossible. The Realtor's as well as the 'approved' lenders and their appraisers are scared. The lender's don't want to waster their time, the Realtor's definitely consider this program a waste of time and are incredibly negative about a NSP person finding a home and don't want to write offer, after offer, after offer for 1.5% of the sales price. Plus, they don't want to spend the time understanding how to write the offer when the Realtor believes that there is not one appraiser out there willinging to do an appraisal for over 1% of the sales price.
I'd like to thank the people who thought this incentive up -- but for us; those who desperately needed a chance. This is not working. And, those of us who needed that chance -- have no hope of meeting the November 30th deadline. And, the 'monied' investors who walked away from all those financed foreclosures and the people who have lived in their homes for a year or longer without paying their mortgage: these are the people who are working the system and receiving the benefits. Wouldn't we all like to live by paying only the utilities for a couple of years.

Sharon Garno of AZ 1:35PM October 10, 2009

Sorry, you really, REALLY, do not understand how the mortgage market works do you...or interest rates for that matter. The only thing driving mortgage rates to what they are today is the FED going into the secondary market and buying up HUGE amounts of the mortgages that are currently being originated. Without the Fed Reserve buying mortgages, rates would easily be up around 6.5-7%, where they were back about a year ago before the Fed started buying.
Banks DO NOT have the capital to do anything you are talking about here. Banks originate mortgages and then sell them to Fannie/Freddie to replinish your coffers and orginate more mortgages. Fannie/Freddie only has the funds to buy the mortgages becasue the sell Mortgage-Backed Securities to investors. Investors ARE NOT interested in MBS at the rates they are today, so the only buyer at this point is the Fed Reserve.
When you take out a mortgage there is REAL MONEY behind it, its not just a IOU and a title transfer. Where do you think that money comes from? The sky? No, it comes from INVESTORS who want a return on their money...and they won't take 3% return.

scott of IN 2:38PM September 24, 2009

thank you for responding.I love to debate my plan. I debated my state senator for about 45 minutes and when we were done he was on board and sent it to washington.no reply of course. so I sent it to the white house....

Terry a Edwards of NJ 9:31PM September 23, 2009

apperantly you were not listening, lets start from the begining.
no mortgage fairy, the failing banks. you are ceo of a failing bank. you need government funds to survive. you lower the rate of your competant mortgages to 3% or no bailout. all you need is one bank to take the deal, the rest will follow or sink. allow me to offer 3%, within one year I will be the largest and most sucsessful bank.
point 2. the government is not borrowing anything, no one is backing anything the bailout money is coming, this is just a stipulation,a push of a button to reduce the existing good standing mortgages to 3%.
point 3. the money does come from someplace. it is your own money that you save every month!!! and 300.00 is only an average. in most cases its more. and would filter down to all walks of life when and how YOU choose,not the government. which is why they will not allow 3% mortgages. no control.as we all know they know how to spend our money better than we do.
point 4. it is not public largess,it is the people keeping more of their own money. and once again the government is not giving anybody anything, it's their OWN MONEY!!! and the homeowners not behind on their mortgages have already proven they are responsable with their finances.the government GAVE everyone $1200.00 not so long ago, remember? what did you do with yours? pay your rent for one month? not likely. what I am talking about is sustainable income.
point 5. as for your misconception that this is a " random redistribution of wealth" here we both agree,it must stop, but this is just the opposite,it takes control from the government and give it back to the people to spend as they please.you are absolutely correct,it's a great idea to get something for nothing, and the people that belive that elected the one who promised them just that.

Terry a Edwards of NJ 9:27PM September 23, 2009

"recovery" writes:
"3% mortgage for all who qualify. 75 million Americans own homes. 66 million are NOT behind on their mortgages. Allowing them to refinance at 3% saves each one of them an avarage of 300.00 a month."
"cost to the taxpayers $0.00"
Really? who is providing those 3% mortgages? The mortgage fairy?
The government can't borrow 30 year money at 3%. If they borrowed enough to give everyone 3% mortgages, they wouldn't be able to borrow at 10%.
If the refinancing saves 66 million families $3600 a year, that's 238 BILLION every year that has to come from someplace.
And why should only homeowners get that public largesse? Why not give $3600 to each family that can't afford to buy a home, to help with their rent? Seems to me they need it even more!
This random redistribution of wealth has to stop. Everyone thinks its a great idea when they get something for nothing at someone else's expense.

hmp49 of NC 8:43PM September 23, 2009

i would like to see the tax credit opened to anyone who purchases a home. If i am able to upgrade to a bigger home, why wouldnt i qualify to receive the credit. I saved to purchase my 1st home 10 years ago. I didnt get a credit then and now that i am ready to upgrade (and can afford to upgrade) i feel i deserve a tax cred.it

denise of IA 7:33PM September 23, 2009

Everyone talks about recovery. here it is. 3% mortgage for all who qualify. 75 million Americans own homes. 66 million are NOT behind on their mortgages. Allowing them to refinance at 3% saves each one of them an avarage of 300.00 a month. These are the people with disposable income,who managed their money well. What do they do with the extra money? They spend it. On home improvements,cars,travel,food,everything.There is not one aspect of the economy this does not touch.Soon people who are out of work are getting jobs,paid for with this program. people with jobs are getting raises, paid for with this program. How much money am I talking? 19.8 BILLION dollars a month back into the economy. 236 BILLION per year for at least 30 years!! cost to the taxpayers $0.00 nothing. there are several steps to this plan but due to limited space here this is just a little slice of it. try and find a flaw. nobody has so far. not my friends,not my family, lawyers,senators no one. they all try but I have and answer for every question they ask. go ahead ask.

Terry a Edwards of NJ 7:01PM September 23, 2009