Part 1 | Part 2
The US House of Representatives earlier this week of October 12, 2009 unanimously passed to extend the Federal Governments Tax Credit incentive to first time home buyers. The tax credit is good up to a maximum amount of 8 thousand dollars. With current mortgage rates remaining at historic lows and the $8000 first-time home buyer tax credit, this is the best time to purchase a new home.
First-Time Home Buyer Tax Credit Currently Only Extended For Armed Services
If you were sitting on the fence waiting for this tax credit to be extended or for the low current mortgage rates to drop further you may have missed your opportunity unless you are a member of the United States Armed forces. The bill the House passed to extend the tax credit for an additional 6 months is only available to members of the US Armed forces who have served overseas for at least 60 days during the 2009 calendar year. This has not become official as of this writing and hopefully the final version will include a much larger demographics who would be eligible.
First-Time Home Buyer Tax Credit Expiration
The current first time home buyer tax credit is set to expire on November 30th, 2009.this means if you are a first time home buyer who is eligible for the current version of this tax credit, you must close on the purchase of your home by Nov 30th. If you close December 1st and the bill is not extended then you will miss out. I cannot say the window is completely closed to take advantage of this incredible current opportunity but the window will be shut before too much longer if you intend to close by November 30th.
For those looking for a true tax credit expansion, there is still light at the end of the tunnel. Check out Part 2 of this post for more information on extending the first-time home buyer tax credit.
Continue to Part 2: Current Mortgage Rates and the First-Time Home Buyer Tax Credit Extension Part 2
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