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Christmas Came Early
by
Carl Hampton
11/09/2009
Christmas came early for
many hard working Americans.
For once a government
program that is really working and has turned out to be a real success, and
this is the First Time Home Buyer’s Tax Credit.
The program helps Americans
to be able to afford a new home. This credit allows new homeowners to
receive up to $8,000 from the IRS, that they don’t need to repay. The funds
go a long way to paying a lot of those extra cost incurred by home owners,
property taxes, homeowners insurance and the cost of moving.
The program was designed to
help stimulate the economy, and get the housing market moving again has
proved to be very popular. The IRS has recently reported that more than 1.4
million taxpayers have benefited from this program since President Bush
introduced it in 2008.
The program was due to
finish on November 30th 2009 but, due to one of the few success
stories of 2009, it was announced that a vote has been counted and a bill
has been passed through both the House of Representatives and Senate,
stating that this offer will be extended through 2010 for homes under
contract by April 30th
and that close before July 1st.
Also, the loan limits have
been extended to allow higher loans to be passed through the FHA, Freddie
Mac, and Fannie Mae, and a bill was passed, as well, to go on with
unemployment benefits that in the past were set to soon expire.
Extending the amount on the
loan limits will make more loans meet the criteria for these programs, and
it will also keep mortgage credit more available for those people who are
approved. In the end, it all boils down to more Americans owning their own
homes and satisfying that great “American Dream” that we all try and work so
hard for, while in the same breath helping to strengthen our economy.
The Mortgage Bankers
Association petitioned the House of Representatives and Senate to put these
necessities into place because they believe that these changes will help to
bring back stability to the housing market, and we all know that stability
in one corner of our economy will help to make other areas a little more
stable, safe, and sound. With our delicate economy just beginning to show
signs of finding a level playing ground, the Mortgage Bankers Association
believes that we could put our recovery in real danger if the government
does not take steps to keep programs such as this one working to give
Americans incentives to move forward.
There may be some long
awaited good news for existing homeowners, with a new $6,500 credit for
existing homeowners who have lived in their current home for an
uninterrupted five-year period within the past eight years.
Many of the new homeowners
also took advantage of the Cash for Clunkers, it was an overwhelming success
and helped to breathe some welcomed new life into the automotive
manufacturing business and that good fortune trickled down not only to the
factories but into the pockets of people in auto sales and also into any
other business that depends on people buying new vehicles.
“Your” Money Matters By Carl Hampton
From the Author of “From
Credit Despair To Credit Millionaire”
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