Home Buying in 06704>Question Details

Jhr1984, Home Buyer in 06704

For the housing tax credit for new home buyers, when does that credit expire/when do you have to sign by?

Asked by Jhr1984, 06704 Tue Jan 12, 2010

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Kathy is correct that it must close, but that includes funding.
If it doesn't fund until Thursday, July 1, you failed to meet the criteria. (Even if you did sign all the papers before midnight)

So, don't wait until the last week of June to close. Besides the escrow offices being jammed, you may find the lender unable to fund the transaction until after the deadline.

When the November 30 deadline was in place, a little before Halloween you could not get some types of assistance because the paperwork was taking 3 weeks and lenders were scheduling in December.
Web Reference: http://www.Mortgages-TX.com
1 vote Thank Flag Link Tue Jan 12, 2010
You should go to the IRS web site for details. If it is new construction make sure the weather is not holding up construction. Sumner has given you good advice regarding allowing plenty of time.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Sat Feb 13, 2010
You have to have your offer accepted by April 30th and you have to have been closed by June 30th of 2010. There are other restrictions also such as a sliding scale based on income. Fore excellent information about this incentive and other incentives being offered locally and nationally, visit http://www.DreamTown.com/blog.
Web Reference: http://www.dreamtown.com
0 votes Thank Flag Link Tue Jan 12, 2010
As Kathy said contract by April 30,2010 and close by June 2010.
0 votes Thank Flag Link Tue Jan 12, 2010
Jhr1984,

You must have a binding sales contract by April 30, 2010 and close by June 30, 2010.

Please visit: http://www.federalhousingtaxcredit.com/faq1.php for further information.

Start looking for your home now!
Web Reference: http://kathyweberhomes.com
0 votes Thank Flag Link Tue Jan 12, 2010
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