Home Buyer Tax Credit Deadline

Good Morning!

Part of President Obamas' plan to stimulate the U.S. housing market was Home Buyer Tax Credit for first- time and repeat buyers.

This plan was, thankfully, extended from November 30,2009 to April 30,2010.

To qualify, first-time and repeat buyers must have an executed written contract by April 30, 2010 and close no later than July 1, 2010.

So, for those prospective buyers who want to take advantage of this program, time is of the essence.

A credit of $8,000 for first time home buyers or a credit of $6,500 for repeat buyers is a huge component to the this process and prospective buyers are very lucky to have this opportunity.

If I understand it correctly, to qualify as a first-time home buyer, the purchaser(s) may not have owned a primary residence during the three years prior to the purchase. To qualify as a repeat buyer, the home owner must have used the property being sold as a principal residence for five consecutive years within the last eight.

The new law also raised the income ceiling for people who have purchased primary residences after November 6, 2009.

With the increased inventory, reduced prices, low interest rates, and this Buyer Tax Credit program, buyers will be glad they made the commitment to purchase a home.