Tax Credit For First Time Home Buyers Extension
Published 11/24/09 (Modified 3/8/11)
If you're a new home buyer, or an existing homeowner who has been contemplating about selling your house or condominium apartment - you might want to start taking decisive action fast. There is free government money in the way of tax credits to be had for both prospective new home buyers and current homeowners - to the tune of either $8,000 or $6,500, depending on your qualifications.
To keep this stagnating economic train running, President Barack Obama has recently signed a new bill - extending the duration and expanding the coverage of the federal housing tax credit. Previously, the economic stimulus package only provided free tax credit assistance to first time home buyers and was slated to expire in late 2009. But with economists and pundits still doubting the ability of the economy to recover without additional stimulus intervention, the federal government has now officially extended the deadline of the federal homebuyer tax credit program until April 30, 2010 for new home contracts, or until June 30, 2010 for the final closing. The home's closing can occur by June 30, 2010 and still qualify for the free tax credit, but the contract���� to buy the home must be completed by April 30, 2010 at the latest. Those looking for a further extension after early 2010 might be disappointed as current indications suggest that this extension may be the final one.