The End Of April Brings An End To First-Time Homebuyer Tax Credit

April 30th is the final date homebuyers have to be under contract on a new home so they can use the first-time homebuyer tax credit.  Last year the first-time homebuyer credit was extended and now offers first-time homebuyers up to $8,000 if they qualify.

Many people have been looking to buy a home since mortgage rates have been low, housing prices have been affordable, and the first-time homebuyer tax credit was offering an $8,000 incentive to do so.  However, as April 30th nears and mortgage rates begin to creep up homebuyers may be scrambling.

Also, those looking to use the first-time homebuyer tax credit are going to have to mail in their tax form since additional documentation is required, so it may take a bit longer for homebuyers to see any money from their tax return.

However, homebuyers that are looking to take advantage of the tax credit shouldn’t take buying a home lightly.  Making sure you are on financial ground that is stable enough to afford you the means to pay for a home needs to take priority over getting a tax credit.