Now That Congress Has Passed The Extension of $8,000.00 Tax Credit What Next for Buyers?

" The MBAG office has received the following update on the Home Buyers Tax Credit...

The House and Senate yesterday approved a continuing resolution that includes a provision that would extend current loan limits for FHA and the government-sponsored enterprises through next year.

Additionally, Senate leaders announced they have agreed to an extension of the $8,000 first-time home buyer tax credit through April 30. The popular credit, which has strong support from the Mortgage Bankers Association, is set to expire Nov. 30.
The CR, which keeps the federal government running through Dec. 18, passed the House on a 247-178. The Senate vote was 72-28" Source: MORTGAGE BANKERS ASSOCIATION OF GEORGIA, http://www.mbag.org

Now that congress has passed the extension of $8,000.00 tax credit for first time homebuyer's iincluding another $6,500 tax credit to existing homeowners who have lived in their current home for a consecutive five-year period withing the past eight year's, what next for all buyers?

The answer is all buyer's must be ready to take advantage of these tax credit's now and should not wait untill the last minutes. In early September, we saw a lot of home buyer's scrambling to be on under contract by October ending so they can close before the previous December 1st tax credit expiration. The new tax credits would required home buyers under contract by April 30 and close before July 1 2010.

Therefore, now is the time to act. Agents should broadcast these news to all buyer's in their market area so we can get housing market moving again.