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Tax credit extended and more inclusive
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President Obama signed into law legislation which expanded the first time home buyer tax credit to include a credit for current home owners. While there are conditions that buyers have to meet, this legislation does open the way for more home purchasers to enter the market sooner rather than later.
By amending the home buyer tax credit to include current homeowners, the legislation gives families another reason to look for a home now. While there are income limits, length of homeownership, and other conditions, the tax credit is another good reason for current homeowners to take advantage of low interest rates and lower home prices.
The previous tax credit to first time homebuyers did little to help current homeowners. The new legislation is an invitation to current homeowners to get their feet wet by seeing what is available to them now. Unlike first time home buyers, move-up buyers see the value in square footage and other opportunities for their family in the current market conditions. Even though there is still a large inventory of foreclosed homes on the market, the availability of FHA 203K loans give home purchasers the opportunity to buy like an investor and get repairs made before moving into the new residence.
Guidelines stipulate that the home has to be purchased by April of 2010, but buyers have until June of 2010 to close on their loans and receive the tax credit. Qualified buyers closing on a home by the end of 2009 can expect to receive their tax credit when they file their 2009 taxes in 2010. Since home prices are generally lower in the winter months, now is an excellent time to buy a house and make it into your dream home.
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