Dennis Norman
UPDATED: 6:15 pm Central Time-
The Senate voted 85-2 this afternoon to end debate on the amendment..This is clears a procedural hurdle and will allow the bill and amendment to be voted on by the Senate, most likely on Tuesday or Wednesday….If passed by the Senate it would then need to go back to the House for passage and then on to the President.
Here’s the latest info I have on the possible extension of the home-buyer tax credit:
The Dodd-Lieberman-Isakson Amendment I spoke of in last Friday’s update was added to the unemployment bill and has not yet been voted on by the Senate, but is expected to be voted on this week. Assuming the Senate passes the bill, it will then go to the House where, according to the latest information from the National Association of REALTORS(R), it is expected to accept the Senate amendments, vote on the package and send it to the President for his signature. The White House has indicated that President Obama will sign the legislation.
According to the National Association of REALTORS(R), the provisions of the current amendment for the home-buyer tax credit are:
- Credit available for purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction.
- Credit remains at $8000 for first-time purchasers. No change to definition of first-time purchaser.
- New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.
- Income limits are expanded to $125,000 on a single return and $225,000 on a joint return. Current law $20,000 phase-out retained.
- New anti-fraud limitations are imposed.
I’ll keep you posted as I hear more.
Ya, you guys loved those non conforming – no doc loans didn’t you? Didn’t have to prove one thing, and you could rope anyone into an overspent, grossly overfinanced adjustable mortgage – just to make a quick buck. You like pulling in the “patriot act” card. Yet, when you were allowed to, you wrote anything you could, screwed over anyone you could, just to make yourself a buck. Times are different, and it’s funny, now, so is your tune. Hypocrite
Let’s also take a look at the fact that credit requirements, and the hoops you have to now jump through to get a mortgage are in direct reflection of irresponsible lenders and originators writing bad loans, falsifying documents, and just being “dirty” to make a buck. How about Lambrecht Company that wrote millions of dollars of FHA loans on fictitious properties and extorted FHA out of this money? The lending industry has been mismanaged, and with all the “dirty” originators, closers, etc…..This is exactly why we are at where we are today. Ya, the fingers point at you.
Comment edited by Moderator -Well, since you want to be a DELETED, lets do this. First of all – YOUR NOT PAYING ATTENTION! We HAVE $20,000 to put down. Easy to prove it’s source too. Merck decided to withhold information about a little drug called Vioxx, and murdered my father. Just like they did several other thousand people. This is a small installment portion of the payments from them. Second, asshole, in March, our 6 year old son was diagnosed with type 1 diabetes. The piece of crap health insurance I had dumped us $18,000 into his medical expenses. We are just getting this paid off and it took a toll on our credit with them reporting this. For several months we were unable to pay much at all due to the fact that we were laying out $700 a month on medications and supplies out of our own pockets. We are also, first time buyers. What home? What equity? Are you truly this moronic to make such undereducated, half ass, ignorant comments. You’re an DELETED, Gordon.
Ken, It is unfortunate that we have to verify the souce of funds due to 10′s of thosuands of home buyers that falsified their income and down payment money in the past. So, in an attempt to help keep our country a little more safe from terrorists, money laundering, gangs and sky rocketing foreclosure rates etc… We do have to verify the source of down payment. Of course you take the word of some individuals that state they got their money from their wedding. How do you know that’s where the money came from?
Not sure where you’re getting your credit score information? FHA will go down to 620 credit score. There is no requirement for a 700 with an FHA loan. In Ohio if you are a first time home buyer the Ohio Housing Finance Agency (OHFA) does not have a minimum credit score requirement at this time. However expectations are that they will follow suit with FHA some time soon.
The requirement for FHA down payment is 3.5% of the purchase price. Again not sure where you got the $20,000 down requirement, unless you are buying a home with a purchase price exceeding $550,000.
Were you over extended? Is that why you’ve had a finanacial set back and why your credit scores are so low. Were you one of the thousands of people pulling money from the equity in your home like an ATM? Since you did not have the discipline NOT to keep up with the Jones’? So it was the lenders fault for giving you the credit that you used irresponsibly and now its the banks fault that you can’t get a loan to take advantage of the tax credit?
Does that about sum it up?
Ya, and how about the credit requirements to even qualify to buy a home?! They have made some of the requirements absurd! Even during the senate banking committees meeting they told one story of a couple who tried to use the money given to them as gifts from their wedding as a down payment. The lender required “gift letters” from all 80 guests!! Secretary Donovan made claims that HUD is making their “best loans in history”. This was noted as a “self proclaimed prophecy” when they have made loans impossible to just about anyone with a credit score under 700, and near impossible limitations placed on borrowers. Due to the economy, serious illness with one of our children, and some unexpected financial issues, here we sit with 600-610 credit scores, $20,000 to put down, and we can’t get a mortgage for even 80% of the homes value! We can’t even take advantage of the tax credit. That is unless we find an owner financed home. Even these are very few and far between. With the way lenders are, people are scooping up owner financed homes left and right. The hell with it!
What is this Dec. 1st for current owners to get the $6500? So if you close after the bill passes and before Dec. 1st you don’t get it??
What a joke. We would buy a new house if this bill would allow us to but since we’ve only owned our house for 3.5 years, we don’t qualify. We missed the first benefit in 2007 since we bought in 2006 and on top of that, homes bought around this time were hurt the most by the market.