BiggerPockets

The Popular Tax Credit Extension

Monday, November 02

Good news comes just in time for many consumers who thought they had missed out on the popular tax credit for first-time homebuyers.  Last week, senators agreed to extend the tax credit and to offer a reduced credit to some repeat buyers.

While the first-time home buyers tax credit provides up to $8,000 to homebuyers who have not owned a primary residence for three years or more, the reduced tax credit gives up to $6,500 to repeat homebuyers who have owned their current homes for at least five years.

Both tax credits will be available to all homebuyers who sign sales agreements by the end of April 2010.  Each buyer will have until the end of June 2010 to close on their new home. 

This is awesome news for many more homebuyers.  Now, many more consumers can take advantage of the tax credit since it's being extended to repeat buyers too.  However, April will be here and gone before you know it.  So, don't delay!  Start your home search today.

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Comments

1. 

   Jon Klaus Reply
   over 2 years ago

   What's the next step--is a vote scheduled in the Senate, yet?

2. 

   Jim Wineinger Reply
   over 2 years ago

   I believe that it is scheduled to be added to a funding bill as an attachment which means that most senators wont even look at this bill.

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