The tax credit has been extended to September 2010 but it is only for buyers who have been under contract as of April 30. The extension only applies to transactions that have been ratified (contracts signed by all parties on or before April 30, 2010). This will allow buyers that have submitted an offer on short sale transaction, which has been delayed in getting the approval from the lenders, to be able to get the tax credit. Now the new homeowner can still get the benefit of the $8,000 tax credit. California still has their $10,000 tax credit program available.
New Buyers, who are interested in purchasing right now, can still take advantage of the low interest rates as well as the California $10,000 tax credit. This is the most affordable housing market we have seen in years which represents a great opportunity for well qualified buyers getting homes at discounted values. Historically we are seeing the lowest interest rates making the cost of borrowing money affordable. It is the least expensive and the cheapest in years since the 1950's.....With as little as 3.5% down and nothing down in some cases, the current low cost of financing and the exceptional buys in real estate make this summer the least expensive on record to purchase and finance a home.
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