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Status of First Time Home Buyer’s Tax Credit

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Efforts to renew/extend the first time homebuyer tax credit are stirring in the Senate, and hopefully pass. However, a few things have changed:

  • The first time home buyer tax credit will continue continue at $8,000.
  • The tax credit will be expanded to include additional home buyers who have been in their homes at least five years. Right now, it appears that these buyers would qualify for a $6250 tax credit. The final numbers have not yet been determined.
  • The first time home buyer’s tax credit will be extended through April 30th, 2010. This will apply to purchase agreements written on or before April 30th. If you write a PA on April 29th, you would have another 60 days to close.

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