Did you know that the First-Time Homebuyers Tax Credit was extended? Yes! So if you missed the November 30, 2009 deadline, you are considered blessed. Why? Because the Congress just moved the deadline to April 30, 2010 and president Obama signed it into law. This means more time to you to avail the tax credit which is amounting to $8000 for first-time homebuyers and $6,500 for those who lived in a current home for 5 consecutive years of the past 8 years. Isn’t that great? It is like purchasing a house with $8000 dollar discount which you use to buy furniture and appliances for your new home. The law also raise the income caps to $125,000 for individual and $225,000 for Family.
I am no real state agent and I may not able to convince you to take advantage of the Real Estate Bailout. So if you are interested, please visit http://www.coldwellbanker.com, they have well-documented this law. They also have expert local Coldwell Banker agent who can assist you with any question you may have. I also embed the video which you can watch for more information about this law.
So don’t wait for the deadline, act now! The contract must be written a binding contract by April 30, 2010 and the property must be closed by June 30, 2010. There might be no more future extensions.