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There has been much debate over the impending expiration of the $8,000 first time home buyer tax credit. The tax credit is a motivator incentive that was set to expire on December 1 2009.

The tax credit allowed first time home buyers buying their owner occupied with a florida private loan to receive a tax credit of up to $8,000. With the end of the program many feared that house sales would lessen and a market come back would be again pushed back.

First reports are that the Senate has not only agreed to an extension of the first time home buyer tax credit, but an add on that would reward current home owners to also be qualified for a tax credit on a new house purchase as well even using Florida Stated Income Loans!

Sources within the Senate have leeked that there is a tentative agreement to continue the so called “first time home buyer tax credit” until the end of April 2010. In addition they will expand the program to include a tax credit of up to $6,500 for house buyers that already own a home. The senate sources hintedthat one requirement on current homeowners looking to buy a new home and get the $6,500 credit is that they must have lived in their owner occupied residence for the last 5 years.

It appears they will want to attach this new home buyer tax credit extension to the unemployment extension bill. It’s still opaque as to when the extension will arise for a vote, but this beginning report is incredibly positive news for the housing market.

Many families have already been able to purchase a owner occupied home and take advantage of the first time home buyer tax credit. This five month extension and expansion will allow virtually thousands more to benefit from it as well.

One point of concern for many house owners is not being able to use the tax credit early and use it as part of the down payment on their home buy. While HUD has approved the use of the tax credit as down payment, mortgage lenders as we have seen so often, have not gotten on board with it and largely ban the use of the tax credit for down payment. Third parties had been advancing borrowers money to use as down payment in some reported cases. This is still not widely accepted by financial institutions and borrowers have had to wait until tax time to receive their credit.

If you have been in the mind frame to buy a house it appears you will have until the end of April to get a Government check to do so!

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