Question
When is the 8k tax credit for first time home buyers going to end?
I thought it was the end of November but someone told me it was extended. Is this true?
3 weeks ago - 6 answers
Best Answer
Chosen by Asker
The bill has passed and is heading to the president for his signature tomorrow. The credit now goes through May 1st, which means you can sign a contract through May 1st as long as you close on the property by June 30th. It gives up to $8000 for first time buyers (defined as not having owned a home for the past three years) and up to a $6500 credit to move-up buyers who have owned and occupied their current homes for at least five years. Again, you have to be an owner occupant of this primary residence, no investors here, and there is an income cap for single filers at $125,000 and joint filers at $225,000. Oh, and the home you buy can't be more than $800,000.
Source(s)
I'm a mortgage banker/broker www ...
by Noneya
3 weeks ago
Asker's Rating: 
Other Answers
The bill has not been passed yet, but more than likely will. It will extend the credit until April 30. I believe the way they are going to do it, is that you must have a purchase agreement signed by April 30 and close no later than June 30.
by starrfyrre- 3 weeks ago
It appears as if Congress is gonna extend the tax credit into next year. As I understand it the bill is out of the house and headed to the senate. It might be modified in some areas, but this is what is known now. You might email, call or mail your congressmen or senators to see if they are voting and supporting the matter. I hope this has been of some benefit to you, good luck. "FIGHT ON"
by loanmasterone- 3 weeks ago
The bill is extended, but it is for a maximum of $6,500 and the home must be purchased between December 1, 2009 and April 30, 2010. Also, in addition to first-time home buyers (or individuals who've not owned a home for the past three years), individuals who have owned a home for at least 5 years qualify. So, if you've just sold the home that you owned and lived in for 5 (or more) years, you will qualify for this credit if you meet income (and other requirements) and purchase by April 30, 2010.
by spalmer- 3 weeks ago
Noneya is correct here.
by godged- 3 weeks ago
this Oregon person is back aswards. Been in effect. know people who have used it. Of course thats what you get for living in Oregon.
by ClarkL- 3 weeks ago