Many people have been looking into buying a new home and want to take advantage of the first-time homebuyer tax credit for $8,000 or the repeat homebuyer tax credit for $6,500. There is both good and bad news on the tax credit front; the good is that it is still available, the bad is the program ends at the end of April.
April 30th is the last day you have to be under contract on a home and still qualify for either the first-time homebuyer tax credit for $8,000 or the repeat homebuyer tax credit for $6,500. There are still many homes available throughout the country and that seems to be the only silver lining stemming from the foreclosures that took place during the recession.
Many mortgage holders are trying to sell off homes since there are countless houses just sitting empty and any homebuyer who is looking to get an affordable home is going to be able to find what they are looking for if they do their homework.
Add the first-time homebuyer tax credit for $8,000 or the repeat homebuyer tax credit for $6,500, the affordable homes available, and the fact that interest rates are low on mortgages, owning a home has now become more of an option for many potential homebuyers.
If you are looking into buying a home and wish to use the first-time homebuyer tax credit for $8,000 or the repeat homebuyer tax credit for $6,500 there is still time, but you have until April 30th to be under contract and June 30th to close on the home.
First and foremost, find the home you like and can afford, which if that can’t be done in time for the tax credit, so be it. However, if you know of an affordable home and are able to use the tax credit, then all the better.
