$8000 First Time Home Buyer Tax Credit Ending

Last November I saw a lot of momentum coming from the $8000 first time home buyer tax credit. However, as it was extended to homes under contract by April 30th of this year, and it doesn't seem to have the same sort of buzz.  I think this is due, in part, to the fact that many of the people that were on the fence already jumped and got in before the original November '09 deadline.  Also, I think people just don't have all of the information.  One key to the extension is a $6500 credit for current home owners.  According to the IRS:

'The new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.' -IRS.gov

The key thing to note is that there are a finite number of days to take advantage of this.  If you are going to buy a home, and get the tax credit, you need to be under contract by April 30, 2010 and it has to close by June 30, 2010.  This means you have about 6 weeks to find a home and another 2 months to get it closed.

If you'd like more info on the extension go to the IRS website: http://www.irs.gov/newsroom/article/0,,id=215791,00.html.  

If you have any additional questions, I'm always here to help.