New Home Buyer Rebate

"rumers?"

The current RUMOUR is that it will be extended "as is" into next year. However, Congress has only this week to act on it as it expires next weekend.

One logical thing they'll probably never do is hook the income limit to real estate prices in different regions. A "first time homebuyer" in some markets would need 1.5 to 2 times the income of same buyer in other markets to qualify for traditional mortgage[*], given the median price for owner-occupied housing.

What expires? The legislation? (not sure what that would mean). The credit is available for purchase transactions that close before Dec.

Now the real estate agents, escrow officers, loan brokers, etc. will get to experience on Monday Nov. 30th. what tax pros experience every year on Apr. 15th. Wonder how time zones will be reflected in closing documents?

-Mark Bole

RUMOUR?

You are on this side of the pond, right?

My memory says November 1 is the deadline. It's the beginning of the month, not the end.

At least the word is spelled that way in SOME dialect of English. I chose that spelling based on the OP's foreign name.

Your memory contains the wrong month.

-Mark Bole

The current law covers first-time homebuyers who close by November 30.

Ah, we're always talking about the colour of money!

ChEAr$, Harlan Lunsford, EA n LA

Seems as if my memory was correct -- however, it was not inclusive of the month.

That's the difference between "extended to" and "extended through."

On the way home today, on one street over, there is a new sign beside the usual real estate agent's sign proclaiming that "This house qualifies for the $8,000 tax credit."

A house qualifies? By itself? The buyers might not, but the house does! (grin

ChEAr$, Harlan