Extenstion and expansion for $8000 tax credit?
As most of us know, the deadline for the $8000 federal tax credit for first-time home buyers is fast approaching. First-time home buyers must close on a home by December 1st, 2009 to qualify for the credit. This means that if you are not already under contract, you have essentially no chance to qualify for this credit.
But there is hope. Several different bills extending or expanding or doing both have been discussed in Congress and it appears more likely than not that December 1st will not be the end to federal tax credit for home buyers. Most of the bills being discussed contain provisions to keep the credit available for at least first-time home buyers and many of the bills expand the credit to some extent to all home buyers within a certain income bracket.
Here are a few articles discussing the situation:
Hictorically, right now is one of the best times to buy a home with unseen interest rates, a large inventory and various tax credits available. If you are contemplating buying a home, please contact me to set up a free consultation to make sure buying a home is best for you.
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