Here today…

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The deadline for the tax credit is fast approaching.  If you haven’t started the process, don’t worry, there is still time!

Unlike the first go around, you do not have to be closed by the deadline — you only have to be under a binding contract by the end of April.  You then have 60 days (end of June) to complete the purchase.

Some quick points:

  • First time home buyer (or not owned a home in 3+ years) tax credit of $8,000 extends through April 30, 2010.  Home must be under contract by that date and closed on or before June 30, 2010.
  • A “moving up” tax credit of $6,500 is available for current home owners buying a new primary residence.  To qualify, home owners moving up must have lived in their current residence for 5+ years as of the date of the binding contract to buy the new home.

If you have ever thought about buying a home (and are interested in $8,000 of free money from the U.S. Government), it isn’t too late to get started.

The tax credits are here today, but won’t be for much longer.

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