Loading ...The Worker, Homeownership, and Business Assistance Act of 2009, signed into law on November 6, 2009, extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit will apply to sales until April 30, 2010, which makes it an advantageous time to buy for first-time home buyers. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will also qualify.
If you were planning to buy a home by the end of the year, it may be a good idea to accelerate the process and make your purchase in early 2010 to benefit from the tax credit. We encourage the Lenders.com community to discuss the tax credit and how it will benefit you with an accountant.
And don’t feel left out if you have already purchased a home in the past. The same act authorized a tax credit of up to $6,500 for qualified repeat home buyers.
To learn more about the legislation, read the article on the IRS’ web site.
[... The Worker, Homeownership, and Business Assistance Act of 2009, signed into law on November 6, 2009, extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing ...]