Homebuyer tax credit could be extended

NORFOLK, Va. - The first-time homebuyer tax credit has been such a popular program that lawmakers are considering extending it past the November 30 deadline.

Under the credit, new homebuyers can qualify for an $8,000 tax credit. As of now there are two options on the table: one, House proposal would extend the credit through the end of March, then lower and phase it out through the end of 2010; or two, a more generous option in the Senate would extend the credit through June 30, 2010 and open it to all buyers, rather than just first-timers.

"When it finally does happen it's like, wow, I can't believe I'm a homebuyer, like I actually own this home. This is really great, this is a great feeling," said Cleo Bell.

Cleo and her husband have been looking for a house since September. On Tuesday they closed on one, just one month before the tax credit expires.

"It helped us a lot. [It was] a big decision in why we even bought a home," said Bell.

Supporters say it helped revive the housing market. "I think in Hampton Roads it has been [a success] because of the amount of business that has come into not only our office, but all the offices," said Realtor (R) Ronnie Hooks, with William E. Wood and Associates.

"For Sale" signs and signs about the tax credit are sprinkled around Norfolk. Hooks has these short-term tips for those looking to buy before the credit runs out:

1) Get off the fence and go for it
2) Find a professional Realtor (R) that can lead you through the buying process
3) Don't wait too late to try and close

If the credit isn't extended, Hooks says you can still find great deals through Norfolk Housing and Redevelopment Incentives , Veteran loans , and the Federal Housing Authority .

For the Bells, the timing was right and their future is just a key turn away.

The Senate is reportedly close to a deal and could vote on the extension as early as this week.