Just In...First Time Homebuyer Tax Credit Extended

The Associated Press just released an update that Senators agree to extend homebuyer tax credit. The popular tax credit has been used by many first-time homebuyers in 2009 and there is word that the credit will also benefit some repeat buyers.

The tax credit provides up to $8,000 to first-time homebuyers and is set to expire at the end of November. The article states that Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

The tax credits would be available to homebuyers who sign sales agreements by the end of April. Furthermore they would have until the end of June to close on their new homes.

This fantastic news for first time homebuyers involved in multiple bid situations, rushing to own a home before the expiration which was schedule for November 30th. If you or anyone you know is interested in learning more about the First Time Home Buyer's Tax Credit, please contact me at 951-315-3201 or visit my website at WWW.SherryKHomes.com for further information.