Team Ensor has just learned that the Service Members Home Ownership Tax Act of 2009 has passed the House in a unanimous vote, paving the initial way for military personnel to receive a one-year extension on the $8,000 First Time Homebuyers Tax Credit.  As of today, the act has been read once at Senate and has been placed on the Senate Legislative Calendar.  It will need to be read and possibly discussed at the Senate, and then voted on, and then it will require the President’s signature to become a law.  To follow the Act’s progress, please visit this link, or come back and visit us soon as we post future developments.

To qualify for the extension, the Act requires that you must have served at least 3 months of qualified overseas military duty in 2009.

We’re pretty sure this Act is going to pass in some form for our military men and women, and we’re looking closely for future Acts that may be aimed at extending the $8,000 Tax Credit for non-military homebuyers.

Also worth mentioning:  interest rates have dropped again this week on 30-year fixed loans (I saw on CNBC that the rate was currently at 4.875 today.)  Now is quite possibly the only time we will see rates this low again in our lifetimes, and is a perfect time for anyone considering home ownership to take action.

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