If you qualify for the extended tax credit - as detailed in earlier posts - what are you waiting for? Interest rates are still low, inventory is out there, and now the government is giving you cash back to buy! It's a great time to be a home buyer. I doubt highly it will extend past this latest version of the tax credit, so start looking today!

The new tax credit has been signed into law as of November 6, 2009. The new credit not only extends the $8k credit for first time home-buyers but also adds a $6500 tax credit for repeat buyers. The $6500 credit is available to existing homeowners who buy another home if they have owned and lived in their current home for 5 years. There are other requirements.

For information from the horse's mouth, go to http://www.irs.gov/newsroom/article/0,,id=204671,00.html for an overview article.

Under the new law you have until April 30, 2010, to contract to purchase and must close by June 30, 2010, to get the credit. The credit can be applied to 2009 taxes. Read more at the IRS site.

The vote to extend the tax credit takes place this week (November 2nd). The extension will allow home buyers to contract on properties through April 30, 2010, and close by June 30, 2010. The new tax credit will also feature a $6,500 credit for some home owners who have resided in their homes for the past five years.

MORE TO COME!

It is still available. The California Association of Realtors is pushing for it to be extended another year.
Here is a link to the tax credit info: http://www.federalhousingtaxcredit.com/2009/index.html


visit: http://www.equityinmotion.net for local san diego and chula vista real estate and financing info.




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Yes, it is! Woohoo! Must close by the last day in November. There are rumors that they may extend it, but at this time, there are no guarantees. In order to take advantage of the current tax credit, it must be jumped on pretty quickly. Please let me know if I can help in any way. Thanks!

Amber Carrillo, Broker/Owner
It Homes

Yes, Kevan it is. Realtors are working to try to have the deadline of November 30,2009 extended but until/if that happens you must close by the end of November.

Yes the tax credit is in place for those who close by midnight, Nov. 30. You must satisfy other criteria and the amount is based on 10% of the selling price of the home, up to $80,000. Please let me know if I can help you with this. You need to be in contract very soon in order to close on time! I can send you some detailed information about this program. Email me and I'll get it to you right away.
Gail

Yes Baobao, the 8K credit is still available. As stated by Lacinda it does need to close by November 30th. Keep in mind that it will take time to pick out the house and time to get the financing to go through. Especially with Thanksgiving in the way, you don't have a moment to spare if you haven't picked out the property and secured financing yet.

If you need any recommendations for agents or lenders in your area let me know.

Good luck!

They are considering an extension but yes,..it's still available. You have time until the last day of November 2009.

Yes if you close and fund by Nov. 30th.


Connie Valone

The $8,000 tax credit is available to first time home buyers so long as you close on the new home by the end of November. Congress is working on proposals to extend and expand the tax credit, but he legislation has yet to be enacted. If you have any questions please feel free to call me at 281-500-7077.

Kevan Pewitt
Houston Prime Realty
281-500-7077

House credit is still available. You must close by November 30, 2009.

Lacinda Homfeld
H & Co. Real Estate
First Imperial Mortgage
713-557-6042