The first-time home buyer tax credit of $8,000 and the repeat homebuyer tax credit of $6,500 are looking more appealing to homebuyers who may still be considering taking advantage of the governmental program now that interest rates are said to be staying low, according to the Federal Reserve.
Those who are wishing to use either the first-time homebuyer tax credit or the repeat homebuyer tax credit are going to have to be under contract for their home by April 30th and have closed by June 30th in order to qualify.
There were some slight changes in the filing process for the first-time homebuyer tax credit and the repeat homebuyer tax credit, with homebuyers having to mail in new documentation in order for the credit to be approved. This merely comes as a result from people taking advantage of the program and all additional information about what documents are required can be found on the IRS website.
However, this opportunity for new homebuyers was extended to the dates above and many people seem to be procrastinating in their use of the first-time homebuyer tax credit or the repeat homebuyer tax credit. Some homebuyers may get away with it while others may find purchasing their home within the timeframe of either tax credit to be more difficult.
If you are thinking of buying a first home or new home and meet the criteria for either the first-time homebuyer tax credit or the repeat homebuyer tax credit, you may want to use your time wisely and be certain you can meet the April and June deadlines so as not to miss out on buying a home when interest rates are so low.
