The first-time homebuyer tax credit and the repeat homebuyer tax credit has helped many homeowners afford a new home and has given some the incentive to buy a new house. While many people have used the tax credit for a number of reasons, ranging from helping to cover closing costs, paying on their mortgage principal, or making repairs and upgrades on the home they bought, time is running short on the tax credit program.
For those looking to use the tax credit there are some key dates to be aware of that are growing closer. April 30th is the day homeowners must be under contract on a home and June 30th is the last day a homeowner has to close on their home to qualify for the tax credit.
With interest rates on mortgages and home prices being at such a low, many people are finding that buying a home is more affordable than in previous times and the tax credit incentives are pushing more people into the housing market that would not have previously considered buying a home.
While there is worry over underwater mortgages and home sales have seen some troubles with homeowners being unwilling to buy due to the fear of their home’s value dropping, the first-time homebuyer tax credit and repeat homebuyer credit has helped homeowners. So, if you are looking to use the tax credit on the purchase of your home, be sure the key dates above are met.