So it seems there was some progress made this week on extending the home buyer tax credit; this is great news because I have some first time home buyers that can’t close before 12/8/09 (in case I have clients reading this, no it’s not your loan unless your initials are BA- I don’t want to unnecessarily panic anyone I’m currently working with).
Anyhow, it “looks” like this: Tax credit extended through end of June 2010, requiring that the home buyer be in contract by 4/30/10. Move-up buyers as well as “first time buyers” would qualify for a credit. The first time home buyer the $8,000 credit and the move-up buyer (having lived in their current residence for five of the prior 8 years) a $6,500 tax credit.
This is still up in the air of course and I have not yet been able to determine exactly how the move-up buyer is defined but overall this is good news. I think this is truly the last chance to take advantage of this credit. I have heard that this extension would have a decrease in the amount of credit earned as the June 2010 date approaches but don’t quote me. -Kristie McDonald -The best first time home buyer agent in Portland! (next to Scott of course!)
Read Fox News 12 ARTICLE HERE:
Tags: First time home buyer, Tax Credit