$8,000 Tax Credit Hasn't Been Extended YET

Many loan officers, real estate agents, and even some title companies have been spreading the good word of the extended $8,000 tax credit for first-time home buyers. Well, hold the phone. You don't have to hang up the phone, but hold the phone. While there is a lot of momentum in the Senate to get this stimulus tax credit extended, it still has not happened.

Here is what is going on. If the tax credit is extended, it's December 1, 2009 deadline will be extended to some time during the middle of next year. There is also talk of a $6,500 tax credit for homebuyers who have lived in their previous home for at least 5 years. A final bill will be voted on next week in the Senate, but until then . . . Dec.1 is the deadline. Just hold the phone.