Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline [...]
Posts Tagged as ‘Tax Credit’
April 6, 2010
Tax Credits Expire in Just 24 days!
Time is running out! In just 24 days the $8,000 First Time Home Buyer tax credit as well as the $6,500 Repeat Home Buyer tax credit both expire. This means you must have a ratified contract on the home you wish to purchase by midnight on April 30, 2010. Once under contract, you must settle [...]
November 19, 2009
Frequently Asked Questions About the Home Buyer Tax Credit for Members of the Military
Congress has acknowledged the unique circumstances affecting members of the military, the foreign service and the intelligence community by making the following exceptions that apply to both the $8,000 tax credit for first-time home buyers and the $6,500 tax credit for repeat home buyers.
November 19, 2009
Frequently Asked Questions About the Repeat Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April [...]
November 19, 2009
Frequently Asked Questions About the Extended First-Time Home Buyer Tax Credit
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales [...]
November 5, 2009
Senate and House Approve Tax Credit Extension and Expansion!
*UPDATE: President Obama has signed the bill into law* First Time Home Buyers now have until April 30, 2010 to purchase a new home to be eligible for the $8,000 credit. Great news from Capitol Hill today as Congress has just passed legislation to extend the $8,000 First Time Home Buyer Tax Credit until April [...]
October 26, 2009
First Time Buyers: You have less than 35 days
ATTENTION FIRST TIME BUYERS: Time is running out to take advantage of the $8,000 First Time Home Buyers tax credit, which expires on December 1, 2009. While there has been talk of the government extending or broadening the current program, at this time no such legislation has been passed. What does this mean to you? [...]
May 20, 2009
Can buyers use the $8,000 tax credit for down payments?
It was first announced at the National Association of Realtors Mid Year convention in Washington DC last week that the US Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) were quickly releasing guidelines to monetize the $8,000 tax credit for first time home buyers, so that buyers would be able [...]
April 28, 2009
Understanding the 2009 First Time Home Buyer Tax Credit
The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. The following questions and answers provide basic information about the tax credit. If you have more specific questions, we [...]
November 21, 2008
Housing & Recovery Act: Tax Credit For First-Time Homebuyers
First time homebuyers purchasing a new or pre-existing home may be eligible for a tax credit up to $7,500* for a married couple filing jointly or a single individual, or $3,750* for a married couple filing separately. To Qualify: Loan must close on or after April 9,2008 and before July 1, 2009 Property type must [...]
