10 November 2009
Details of the First Time Home Buyer Extention and addition of Move up Buyer Credit
The $8,000 tax credit has been extended. This credit was set to expire on November 30th, 2009. Now the credit has been extended to April 30th, 2010 to have a contract written on a home; June 30th, 2010 to close and be in your first home.
The $6,500 move up tax credit is a brand new thing. This credit is for anyone who buys a home after having lived in their current home for at least 5 years. They do not have to purchase a home that is bigger or more expensive than their current one, it just has to be a different one. This credit is great for buyers but will lso motivate current sellers to get their home sold fast which may lead to more aggressive price reductions.
