I love getting good news like this from guest blogger Barbara Van Duyn. Read on! Barbara is a certified mortgage planner with First Priority Financial. If you have any mortgage questions, you can reach Barbara through her Web site, www.BarbaraVanDuyn.com.
It’s official. The home-buyer tax credit has been extended. Breathe in … breathe out … you now have until April 30, 2010, to get a purchase contract executed and qualify for the $8,000 first-time home buyer tax credit. If you’re already a homeowner (with some equity) and planning to buy up or downsize, you may qualify for the new $6,500 tax credit. In either case, your escrow must close no later than June 30, 2010. Since Congress didn’t stretch this out for all of 2010, I wouldn’t plan on another extension. One more thing … the qualifying income limits have been raised significantly.
No need for me to reinvent the wheel. For all the details about both programs you have to check out this Web site. It has an awesome Q & A section. Until the next time, take care. Barbara