Not an April Fool but a reality. The Federal Tax Rebate program for First Time Home Buyers has just 30 days left for getting as home under contract. This would be the end of the second extension to this program, and in all likelihood, the end of the program completely.
For the first quarter of 2010, 42% of all home purchases across the country were by First Time Home buyers who were taking advantage of the 'perfect storm' for their real estate experience. Probably never again will there be the combination of record low mortgage rates, low home prices, and an $8,000 tax rebate to make the transition easier.
The program has not had the intended response in stirring our economy, and that may be the basis for not getting it extended. The new home purchase does not need to close by the end of April, it just needs a firm contract and the closing must take place before June 30, 2010.
Plus as a way of tightening up the process, remember to keep all those closing documents available as they will be needed when filing the paperwork to get the tax credit.
There's plenty of quality homes to choose from. Get out there and take advantage of this opportunity. If you're in Ct, the mortgage rates through CHFA are down to 4.5% and you need no money down if you qualify for a mortgage.
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