First Time Home Buyer Tax Credit Extension – Save $8000 or $6500 in March and April
Posted on | March 27, 2010 | No Comments
The first time home buyer tax credit extension is going to be a hot topic over the next few weeks. If you are in the market for a home then it might be wise to take action sooner rather than later so you can save $8000 or $6500. These tax credits expire on April 30th, 2010 so you do not want to wait too long.
First time home buyers have an opportunity to get an $8000 tax credit if they are under contract before April 30th, 2010. If you have lived in your current residence for more than five years and you are looking to move up you can receive a tax credit for $6500 if you are under contract by April 30th, 2010.
Although April 30th seems forever away we are just one month from seeing the expiration of the first time home buyer tax credit. You do not want to wait until the last minute as anything could hold up the process of buying a home. If you wait until the last minute you could be missing out on a great opportunity.
In November, the Obama administration decided to extend the first time home buyer tax credit and expand it to move up home buyers as well. It will be very interesting to see how Washington reacts to this issue over the next few weeks as the housing market continues to struggle.
Author: Mike Garner
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