The first-time homebuyer and repeat homebuyer tax credit are coming to an end soon and homebuyers are looking at a key date in April that they must meet in order to use the homebuyer tax credit. Many people have been asking, and hoping, the tax credit program would be extended again, but there has been no news on that happening.
However, homebuyers still have until April 30th to be under contract on a home, to meet the first date. Homeowners have an array of uses for the tax credit incentive that range from recouping money for closing costs or paying on their principal, to putting it toward upkeep or remodeling their home.
Homeowners that are going to meet or have met this April 30th deadline should be aware that another key date comes in June. June 30th is the day, which homebuyers must close on their home in order to qualify for either the $8,000 first-time homebuyer tax credit or the $6,500 repeat homebuyer tax credit.
With homes at an affordable level, mortgage rates being low, and the tax credit many new homebuyers have jumped into the housing market, and the same goes for previous homeowners. However, advisors caution homebuyers to make sure they are in the financial position to afford buying a home before moving forward.