Incredible news about the $8000 tax credit!

Incredible news about the $8000 tax credit!

Since my last blog on this subject, there has been incredible news about the $8000 tax credit and this is for all states! Lawmakers in the Senate have agreed to extend the existing $8000 tax credit until mid 2010.

What date does that mean for mid 2010? This means you would need to be under contract for your new home by April 30, 2010 and close before July 1.

There is another great added perk to this Tax Credit and that is people who have been in their existing home for a consecutive five-year period in the past eight years, you folks could be eligible for a $6500 tax credit! The government is trying to help everyone whether you are buying your first home (remember the definition for first time home buyers according to the IRS is as long as you have not owned a home in the past 3 years) or if you have been in your current home for five years consecutively. It is an amazing time for people to be a homeowner.

Since it was getting close to the end of the time period, I have seen lots of communication from the National Association of Realtors (NAR) asking Realtors to contact their lawmakers to try to get this to be extended. Realtors have all gone to bat for first time homebuyers in the country. It is very exciting that it did actually come through.

Home buyers now have a little extra time to find that perfect house or to fix their credit or to do some cleaning in their current house before listing it so that home buyers can come and take a look. It really is amazing how fast time flies by. November came so quick for the previous end of the program and before you know it, spring will get here as well. Don't wait!

Do you know what to do from here?

In order to buy or sell a home in RI, call or email Laurie Sawyer at 401-996-0843 or email at mypickettfence@yahoo.com

If you need to be prequalified for a mortgage, email John Dionne at Shamrock Financial at John.Dionne@shamrockfinancial.com