Western Mass Homes Lesley Lambert

home buyer tax credit

The Home Buyer Tax Credit Expires April 30, 2010!

APRIL 30, 2010

That is when the home buyer tax credit expires. No kidding. No rumors of extensions.

GONE.

If you are a first time homebuyer, you must close on your new home by April 30, 2010 to collect up to $8,000 in tax benefits.

Other buyers who may qualify for the “Step Up” Home buyer credit must be in contract by April 30, 2010 with a closing no later than July 1, 2010 to collect up to $6,500. My blog post on the tax credit extension has a complete guideline for your review.


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Tax Buyer Credit May Be Extended!

There has been much speculation about the extension of the home buyer tax credit, but until today not much tangible to work with. This afternoon and evening news started coming down the pipeline that shows that there is hope for an extension.

Here is an article by Bloomberg

And another by Boston.com

And the Associated Press via Google News

It seems that these are the points:

1- For first time homebuyers, the income level to qualify is $
75,000/150,000
2- For step up buyers the income level to qualify is $ 125,000/250,000
3-Step up buyers must have been residing in their primary
residence for 5 years
4- The credit is 10% of the sales price, with a maximum of $ 7290.
5- The credit will apply for homes purchased from Dec. 1, 2009 to April 30, 2010.

This still needs to be voted on by the full Senate, reconciled by the House and signed by the President, but it is a move in the right direction!