First Time Home Buyer Tax Credit Extension – Expiration of $8000 and $6500 Credit Soon
Posted on | March 25, 2010 | No Comments
The first time home buyer tax credit extension is likely to be the buzz of Washington in the month of April. With the expiration of the $8000 and $6500 tax credit coming soon many Americans are wanting to know if this credit will be extended. Unfortunately, no one knows until it goes through legislation.
In November, the Obama administration decided to extend this tax credit to help many first-time home buyers get into a new home. Not only did they extend the $8000 tax credit but they also expanded to a $6500 tax credit from move-up homebuyers. If you have lived in your current residence for five years you could receive a check for $6500 by moving up.
The ultimate goal of these tax credits was to help the overall housing market. Unfortunately, there has been a large amount of data stating that home prices have started to stabilize and possibly move lower. This is very bad news for the overall economy as this could be a sign of things to come.
If the Obama administration feels that home prices are continuing to drop then there is a very good chance that we could see a first-time home buyer tax credit extension. At this point there have been many ideas thrown on the table but there is nothing set in stone.
Author: Mike Garner
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