Homebuyer Credit Extended

UPDATE: On July 2, the President signed the Homebuyer Assistance and Improvement Act of 2010, which extended the deadline date by which qualifying purchases must close. Following is the updated original post about the First-Time Homebuyer Credit:

A new law signed by the President on Nov. 6 has extended the deadline for the $8,000 First-Time Homebuyer Credit as well as added a new $6,500 credit for qualifying existing "long-time" homeowners who buy a new personal residence.

The First-Time Homebuyer Credit had been set to expire at the end of November, but first-time homebuyers and qualified existing "long-time" homeowners who purchase a new personal residence now have until April 30, 2010, to enter into a binding agreement to purchase a home and until September 30, 2010, to close on those purchases.

For more information about the First-Time Homebuyer Credit, follow this link to the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

The National Association of Homebuilders also has an extensive website set-up to provide information about the tax credit: http://www.federalhousingtaxcredit.com/

Allan T. Lazo | 07/01/2010

Recent Posts:

Homebuyer Credit Extended