The tax credit expires at the end of the month and many Buyer's are in a hussle this week to finish up their offer's on homes to qualify for the tax credit. If you haven't found a home yet, make sure you contact your Realtor asap. The average bank takes several days to fully ratify a contract if you are looking at foreclosures. Lynne and I have several foreclosures today we are trying to wrap up so our Buyer's don't miss the opportunity for a great incentive!
To qualify for the tax credit of up to $8,000 you must be considered a first-time home buyer purchasing before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. A tax credit of up to $6,500 is available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. The repeat home buyer tax credit applies to houses sold before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. To see if you qualify contact your local Lender or tax accountant.
Melissa and Lynne