Tax Credit Extension...Now is the Time to Buy!

First-time home buyers, there is no better time then right now! The Homebuyer Tax Credit has been extended by the Senate. The $8,000 housing tax credit is on its way to being extended until April 30th upon approval of President Obama, said to happen as early as tomorrow.

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. Additionally, the credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

To qualify, buyers have to sign a purchase agreement by April 30th, 2010, and close by June 30th. First-time home buyers now have more time to reap the benefits of this credit, particularly with the great deals available in today’s market. Although existing buyer sales have declined, sales from first-timers have risen as a result of the initial tax credit offering. The extension is likely to stimulate more buying activity beginning with buyers shopping for mortgages. To learn more about loan options, click here. Your new home purchase may be closer than you think.