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Tax Credit Extension Could Boost 2010 Home Sales

Posted by: RateAPY Bank Rates News
September 30th, 2009

A quarter of prospective first-time homebuyers say extending the $8,000 federal tax credit would heavily influence whether they buy a home before the end of next year, according to a new survey by Zillow.com. The tax credit for first-time buyers is set to expire November 30, but there’s growing talk of extending it another year to November 30th of 2010. Of the prospective first-time buyers queried by Zillow, 18% said the extension would be a primary influence, and 25% said it would be a significant influence. Although extending the credit has bipartisan support in Congress, it’s not a sure thing. An extension would cost the federal government billions, and the Obama administration hasn’t thrown its support behind the idea yet. So get moving now if you want to take advantage of the tax credit, and remember you can apply the up to $8,000 toward closing costs or toward down payment on FHA loans to lower your monthly mortgage payments.

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