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Homebuyer Tax Credit Extention

April 19th, 2010 · No Comments

I’m working with quite a few first time home buyers at the moment and the question that I get asked the most is has the first time home buyer tax credit been extended?

I can see where the confusion comes from with all the ads that I’m hearing and seeing at the moment about the tax credit being extended. My guess it that those ads are not recent.

To the best of my knowledge, the deadline for the $8,000 tax credit for first time home buyers and the $6,500 tax credit for existing home owners is to be under contract by April 30, 2010. That’s just a couple weeks away. If you’re one of those procrastinators, then you better do it asap.

Keep in mind that you need to also close by June 30, 2010, so forget about all those short sales and new construction is out for the most part unless it’s almost complete. I just happen to know about a few that fits the criteria if you’re rushing for the deadline so feel free to contact me.

You’re right, the tax credit has been extended a few times but usually there’s a bill in Congress awaiting approval to extend. There’s no such bill that I know of right now so it looks like the tax credit is coming to an end for now and ya betta hurry if you want to cash in.

Tags: Real Estate Tips