2010 Tax Credit News The 2010 Tax Credit program has expired, the Tax credit is not available after September 30th 2010. Update! The Tax Credit has been extended The Senate approved a plan on Wednesday June 16th, to extend the tax credit for another 3 months to finish qualifying for federal tax incentives that boosted home sales this spring. This gives home buyers until September 30th to complete sales already in progress. You must have a purchase and sale agreement that was signed by May 1, 2010 in order to obtain the credit. For a home you construct, the purchase date is considered to be the date you first occupy the home.
See the information in the window below for details. I recently sent out the following email to all my clients. I don’t often send out an email to my website clients, I have made a commitment not to spam you, so I only send out an email when I feel it is extremely important. But now is the time to get off the fence and get serious if you are a First-Time homebuyer! I want all of you who are counting on using the $8K First-Time homebuyer Tax Credit to know that the deadline for the Tax Credit is fast approaching. Some facts about getting financing in the current market. You MUST have a down payment of at least 3.5% and decent credit scores. Veterans are the only buyers who can still get a home loan without a downpayment. I anticipate that the existing inventory of homes in the $150K- $350K price range will be severely depleted in the next 6- 9 months as those who have not yet made an offer on a home rush to do so before time runs out. Short Sales typically take 4-6 months to close. So there will be fewer homes to choose from and prices are likely to go up as the demand increases. So if you are a First-Time homebuyer or know someone who is, please contact me today. I have a special team of agents who are ready to help you. We will work hard to help you find the right home so you can close before the deadline. Thanks, Roianne Cox |