April Brings Key Date In $8,000 First-Time Homebuyer And $6,500 Repeat Homebuyer Tax Credit

On April 30th homeowners looking to use either the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit will have to be under contract on their home if they wish to qualify for the tax credit program which was extended last year but looks to be coming to a close soon.

Homeowners will also need to close on their home by June 30th if they wish to qualify for either the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit.  These incentives from the Obama Administration have been giving homeowners even more reason to get into the housing market.

While interest rates and home prices have been low, many potential buyers were hesitant to buy a home, partly due to the costs associated with doing so, but this tax credit has given many people reason to buy a home as many are making money or at least getting or going to get some money back on things like closing costs.

Financial advisors still caution homeowners not to jump into the housing market even if they are going to qualify for either the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit, but only those on a firm financial ground should look into buying a home.