The extension of the first-time homebuyer credit lasts through June of next year. Buyers must sign a contract by the end of April 2010. If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase of their residential property.
If you've been toying with the idea whether to buy that home, NOW IS THE TIME TO BUY!
The maximum credit amount remains at $8,000 for a first-time homebuyer -- that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.
But the new law also provides a "long-time resident" credit of up to $6,500 to others who do not qualify as "first-time homebuyers." To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.
For more on the First-Time Homebuyer Credit Extension click here.
For more Real Estate News click here.
Comments(3)