Homebuyers who act quickly may take advantage of the extended and expanded federal homebuyer tax credit. Unlike previous federal homebuyer tax credits, this extended and expanded version does not have to be paid back. Remember back in November, 2009 when The President signed into law the home buyer tax credit extension? Well, time is running out for would be home buyers because the extension was not a very long one. Those who are considering purchasing a home in 2010, may take advantage of this tax credit if they purchase their home before the deadline. A homebuyer must purchase a home before April 30, 2010. Unless they already have a home picked out, this means they should get moving on it. The buyer must have an accepted contract by April 30, 2010 and they will have until June 30, 2010 to close.
Searching for a home and negotiating the terms of a purchase contract is not an easy task and its better to get it done early rather than to close too late to pocket the tax credit. Those who have experience purchasing homes can attest to the considerable time delays of what should be a simple negotiation. There are counter offers and counters to the counters and sometimes ridiculous demands from the sellers. Swooping in at the last moment with an offer is not the proper strategy for a buyer who is serious about receiving the tax credit. What does the extension and expansion do? Well for starters, it includes not only first time home buyers but also existing homeowners. The previous federal homebuyer tax credit only included first time homebuyers. Now, existing homeowners can receive a tax credit up to $6,500.00 in addition to the first time home buyers receiving a tax credit up to $8,000.00. First-time home buyers and existing homeowners who purchase homes between November 7, 2009 and April 30, 2010 can participate. A current homeowner is defined as a homeowner who has used the home being sold as a principal residence for five consecutive years within the last eight years.
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