Archive for Home Buyer Credit – Update
Home Buyer Credit – Update
Posted by: | CommentsFederal homebuyer credit extended (7-1-2010) … BUT …
Congress has extended the first-time homebuyer’s credit until October 1, 2010, but only for buyers who had a written binding contract to purchase a principal residence prior to May 1, 2010. (H.R. 5623) The extension allows homebuyers who were unable to close by the original July 1 deadline extra time to receive the credit because lenders were unable to complete paperwork in a timely manner. The President is expected to sign the legislation.
The federal credit is NOT available for buyers who purchase a residence on or after May 1, 2010.
Source: Spiedell
Home Buyer Credit – Update
Posted by: | CommentsThis was passed last November and is already dead. Direct refunds of up to $8,000 applied to some home purchases. The law ended on April 30, with an extension until June 30 for those who were already working under a written contract to buy. Members of the Military and Foreign Services have an extra one year to qualify. Will it be extended? Not likely.