The first-time homebuyer and repeat homebuyer tax credit extension is drawing to a close at the end of April. The first cut-off date for the homebuyer tax credit is April 30th, as homeowners are required to be under contract on their new home by this date.
Many have wondered if the first-time or repeat homebuyer tax credit will be extended further as the housing market still isn’t thriving, since home prices have fallen and worries over the rise of mortgage rates loom.
While there is no news as of yet on a new extension of the homebuyer tax credit, homeowners have about one month to get their home buying in order and get a contract on a new home.
A month may or may not be enough time for some homebuyers, so if you are looking to use the tax credit you will need to move forward on the process of getting under contract on your new home. The final date for closing on a home is June 30th so anyone already under contract on a home needs to be aware of that date.
Getting the homebuyer tax credit is going to be helpful to many, but it is no reason to rush into buying a home unless you are on the stable financial ground to do so. Be sure that you understand the responsibility and risks of buying a home before you enter the world of homeownership.