Extension and Expansion of First Time Buyer Tax Credit Possible

Currently there are multiple Bills pending in both The House and the
Senate that address the possible extension and expansion of the First
Time Buyer Tax credit programs set to expire in November.

There seems to be bipartisam support for the bills, and according to
Senate Marority Leader, Harry Reid, (Nevada),  "It's something we can
get done".

Many first time buyers, while jumping at the chance to purchase a home
and take advantage of the maximum $8000 tax credit, have run into
challenges and fierce competition in securing purchase contracts. Well
priced properties have been experiencing multiple contract offers, and
for many first time buyers, having minimum down payment dollars has
proven to be a disadvantage in today's market. The extension of the
program will hopefully provide additional time for these buyers to
secure purchase contracts and close, something that may not be possible
before the current November 30th deadline, as well as for those that
need additional time on their current jobs to meet the minimum 2 yr
requirement most banks look for in mortgage applicants.

The proposed bills also looks to expand the program to all buyers,
not just first-timers, as well as raising the maximum credit amount,
although many observers feel an increase is less likely.