Federal Housing Tax Credit Extension Not Happening – Obama Administration Allows $8000 and $6500 Government Tax Credits to Expire
Posted on | April 30, 2010 | Comments Off
Many first time and move up home buyers have wondered if there was going to be a Federal Housing Tax Credit extension. With today being the expiration date of the first time home buyer tax credit it is safe to say that an extension of this tax credit is not happening. The Obama administration is going to allow the $8000 and $6500 government tax credits to expire on April 30th, 2010.
Knowing that the tax credits will expire today it is safe to say that you must be deep in the process of buying a home to have a chance to qualify for these credits. If you are just starting your home purchase process then it is highly unlikely that you will be under contract by the end of the day today.
Over the next few months it will be very interesting to see how the expiration of this tax credit affects home prices. There is little argument to be made that these credits have helped to support home prices in many areas of the country. No one knows what will happen next but it should be interesting.
Author: Alan Lake