Homebuyer Tax Credit Extended and Expanded

Posted on Nov 6, 2009 by Cari McGee in Real Estate Industry

All is not lost!  If you haven’t bought your first home yet, and you were bummed that you had missed out on the tax credit, no need to worry.  You now have until April 30th to get an accepted offer on a home and move in by June.  Woo-hoo!!! Here’s the main point of the news -

The tax credits, added by the Senate, center on extending the popular $8,000 credit for first-time homebuyers that was included in the stimulus package. The credit, which was to expire at the end of this month, will be available through next June as long as the buyer signs a binding contract by the end of April.

The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.

I like the additional tax credit they added.  Hopefully it will help the upper-end market, particularly here, where it lags behind the rest of our market.