Extension for First Time Homebuyers Tax Credit in Process and Extension of Increased Loan Amounts: Why it May be the Right Time to Buy a House, Especially in New York and New Jersey

If you are interested in possibly purchasing a house there is some good news in store for you whether it is your first time purchasing a home or whether you are an experienced home buyer.  The extension of Fannie Mae, Freddie Mac and FHA loans to be set at higher loan limits was announced yesterday as the National Association of Realtors thanked Congress for their speedy action to extend the higher loan limits.  The increased loan limits were set to expire at the end of this year but Congress decided that it is in the best interest of buyers, sellers and the economy to extend the increased loan limits through 2010.   FHA, Fannie Mae and Freddie Mac loans will be increased to 125 percent of local median home prices and will have a limit of $729,750 in high-cost areas.   Congress and the National Association of Realtors are hoping that by extending the first time home buyers tax credit and extending the period of time to apply for an increased loan amount the real estate market will be able to fully rebound.

Congress decided on the decision to extend the increased loan limit for FHA, Fannie Mae and Freddie Mac loans earlier this week and the Senate plans on deciding on extending the first time home buyers tax credit and its provisions by the end of this week.   The proposed provisions for the extension of the tax credit includes an expansion of who can apply for the credit which will now include single filing individuals who make $125,000 or less and couples who make $225,000 or less and will be extended until April of 2010.

Those looking to take advantage of the first time home buyers tax credit once the extension is made and are interested in investing in a home may also be interested in applying for state grants (New York state grants for homebuyers | New Jersey state grants for homebuyers) if they are considering buying a home in New York or New Jersey.  Those considering purchasing a home in New York or New Jersey can now receive a free copy of our book “5 Myth that Can Ruin the Purchase of your Home”.  To request a copy of this no cost, no obligation real estate book click here.   This book was written by an experienced Staten Island real estate lawyer and looks out for the buyers interest in a real estate transaction.

Steven T. Decker is an experienced real estate lawyer, author and speaker. With over 20 years of experience, Steven represents individuals and investors in the purchase of residential and commercial real property. Steven is the author of "The Five Myths that can Ruin the Purchase of Your Home" and he is the publisher of the "New York Real Estate Law Blog". If you are buying or selling a home or commercial property in Staten Island, New York City or New Jersey contact Steven T. Decker, Esq. to discuss the services that he offers and how his legal representation will assist you.

IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Steven T. Decker, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. The content of this website is subject to the Copyright of its author, Steven T. Decker, Esq.
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