The first-time homebuyer tax credit is coming to a close as no news of a new extension has been released yet. However, homeowners looking to use the first-time homebuyer tax credit or the repeat homebuyer tax credit have until April 30th to be under contract on a home and until June 30th to close.
Homeowners that are not yet under contract still have time, but there is little room to take your time. The low interest rates on home, coupled with low home prices have made many people jump into the housing market, as the first-time homebuyer tax credit was the icing on the cake for potential homebuyers.
However, there have been concerns that homebuyers may be rushing into owning a home when they can’t afford to do so, simply because of all the perks that have been offered when buying a home.
Yet, for those who have gone forward with buying a home and wish to claim the tax credit, you should be aware that additional documentation is required on your income tax, when you file, so you will have to mail in a copy, which could cause your refund on your tax credit to take longer to get back to you.