First Time Home Buyer Tax Credit Extension – Last Week Before $8000 and $6500 Tax Credit Expiration
Posted on | April 26, 2010 | Comments Off
Many future homeowners were hoping for a first time home buyer tax credit extension but it does not look as if it will happen. With only one full work week left before the $8000 and $6500 tax credit expiration many first-time buyers will be scrambling to get under contract as soon as possible.
At the present time there is an $8000 first time home buyer tax credit and a $6500 move up home buyer tax credit. If you have lived in your current residence for five years or longer then you could qualify for the $6500 move up tax credit. By contacting your lender you will be able to better understand if you qualify for these credits.
There many first time home buyers that are looking to lock in on the $8000 tax credit before April 30, 2010. With just five workdays to go before the expiration it will be interesting to see how many first time buyers flood the housing market in hopes of saving money.
In November of 2009 the Obama administration decided to extend the first-time home buyer tax credit but it does not look as if this will happen in April of 2010. Unless there is quick movement in Washington it looks like the first-time home buyer tax credit will expire on April 30, 2010.
Author: Jeremy North