Home Buyers, Home Sellers, tax credit

First Time Home Buyer Tax Credit Extension!

If you completed a purchase agreement by April 30th for your first home but have been unable to close on the property for various reasons, you may soon be able to breathe a sigh of relief!  The house passed a bill on Tuesday June, 29th to extend the $8,000 first time home buyer tax credit for an additional 3 months.   It is estimated that approximately 180,000 home buyers were set to miss the June 30th deadline to collect the tax credit.  Under the proposed bill, buyers would now have until September 30, 2010 to complete the purchases of their first homes.  The bill will now head to the Senate for a vote.  Once passed, the extension should provide ample time for buyers and their lenders to close these deals.

If you missed the tax credit, don’t fret, now is still a terrific time to buy a home as home loan interest rates are at the lowest point in 50 years!  If you have questions about buying a home or would like additional information about the Charlotte area real estate market, give me a call!