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Tax Credit Extended for First Time Buyers
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Hoosiers, the tax credit has been extended. Money available for current homeowners looking to sell their home.
Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.
Roughly, 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit
The tax credit provides up to $8,000 to first-time homebuyers but was set to expire at the end of November. The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
For more info: Contact a Mortgage Professional at 317-925-1877. To get matched to a real estate agent that will fit your buying and home selling needs call: 1-877-423-0777
UPDATE:
The Senate Just Approved the extension of the 8000.00 tax credit for 1st time homebuyers, and President to sign by Friday, also 6500.00 for repeat buyers. 1st time Home Buyer is anyone who has not owned a home in the last 3 years. Repeat Buyer is defined as someone who has owned a home for 5 consecutive years in the last 8 years. All Purchase agreements must be signed by 4/30/2010 and closed by June 30, 2010.
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