Extended First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers ends April 30, 2010.   Also, the tax credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010 is coming to an end.
 
Who Qualifies?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 (”the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.)
• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight.

Will it be Repaid?  

No. The tax credit does not need to be repaid, if buyer occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

What if you do not close by April 30?

As long as a written binding contract to purchase is in effect on April 30, 2010, the buyer will have until July 1, 2010 to close on the property.

For more information, please call us or visit Realtor.org.

-Pam Welborn, Listing Consultant

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