Homebuyer Credit Extended

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 June 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 | 11/06/2009

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Homebuyer Credit Extended