As April draws closer so does one of the key dates for the first-time homebuyer and repeat homebuyer tax credit. April 30th is one of the cut-off dates for the tax credit program, as any homebuyer looking to use to tax credit will have to be under contract on a home.
Homebuyers that are classified as first-time homebuyers are eligible for a tax credit for up to $8,000 and repeat homebuyers are eligible for up to $6,500. Again, April is the closest cut-off date, but those looking to use their tax credit will also have to close on their home by June 30th as well.
The tax credit program has given many homeowners the incentive to get into the housing market and lower home prices along with low mortgage rates have given many homebuyers the opportunity to get a very affordable home.
However, if you are looking to meet the dates for the tax credit program, there is still time, yet waiting too long could cause you to miss one of the key deadlines. Also, keep in mind that buying a home is a big responsibility and while low mortgage rates and the tax credit are appealing offers, be sure you are on a financially stable ground so you will be able to afford owning a home.