Plans to extend $8000 First Time Home Buyer Credit
Terrific news was announced with plans to extend the $8000 tax through April 30, 2010, AND possibly expand the criteria to existing homeowners. Here is a brief bit of the Bloomberg article and the associated link to Bloomberg.
Oct. 29 (Bloomberg) — The Obama administration endorsed plans to extend an $8,000 tax credit for first-time homebuyers, saying it is helping stabilize the nation’s housing market.
The tax break, enacted earlier this year as part of the $787 billion economic stimulus package, has “brought new families into the housing market and contributed to three consecutive months of rising home prices,” Treasury Secretary Timothy Geithner said today in a statement. The tax break will expire Nov. 30 unless Congress intervenes.
Senate Democrats have announced plans to extend the credit until April 30, while expanding it to include higher-income Americans and some who already own homes.
It appears that several other policies are moving into alignment for the benefit of current home buyers, including our new residents at SPIRE. The Denver Post focused in on real estate in our own corner of the world last week and highlighted SPIRE along with the following…
Developer Randy Nichols is among those who believe the changes could be beneficial — at least in some cases.
He thinks his Spire project downtown at 14th and Champa streets could benefit under the new loan guidelines.
Spire is pre-approved for FHA loans, provided it reaches the sales threshold needed to qualify.
Spire is moving towards the current 51% sales threshold for FHA loans in order to commence closings. New opportunities may allow for this threshold to be even lower. The article continues with…
Pre-sale rule may change
However, the new guidelines are expected to reduce the required presales to 30 percent, according to speculation among people in the industry.
This is great news for our SPIRE homeowners. As one of the top performing high-rise buildings in the country, SPIRE is well on its way to that goal. There is something special about SPIRE. Visit us on the web at www.spiredenver.com, stop into our sales center, or call to schedule an appointment at 720-457-7550.
Your friends at SPIRE