Our New Blog

Although nothing has been formally passed, The National Association of Mortgage Brokers issued this update on the $8k tax credit yesterday.

The $8,000 first-time homebuyer tax credit is set to be extended until April 30, 2010. The Obama Administration has urged Congress to pass legislation to extend the program from its original December 1, 2009 deadline. In addition, legislation may provide a tax credit for some current homeowners. NAMB will continue to monitor legislation and will inform members when the extension is formally enacted.
http://nationalmortgageprofessional.com/news14521/namb-legislative-alert-first-time-homebuyer-tax-credit-verge-extension

Under the terms of the agreement, the deadline for first-time homebuyers to claim the $8,000 credit would be pushed back to April 30, 2010. But the term “deadline” doesn’t mean the same thing as it does in the current credit. The Senate agreement stipulates that buyers must have a sales contract on a house by April 30 to be eligible, but it gives them an additional 60 days to close the purchase.

That means buyers will have until approximately end of July 2010 to be CLOSED on their homes in order to receive the $8,000 first-time buyer tax break.

Stay Tuned for more updates.