Last Call For Fed Home Buying Tax Credit

Last Call For Fed Home Buying Tax Credit

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Program ends this Friday

First time home buyers looking to save $8000 on their purchase have until midnight Friday night to sign a home purchase agreement. Repeat home buyers may also qualify for a credit of up to $6500 with the same deadline applying to them as well.

Closing Deadline

tax creditThe federal government is giving home buyers with a binding contract until June 30 to close on their homes. This two month window allows for buyers to get approved for a mortgage, conduct a home inspection, get their paperwork in order and prepare to close.

Naturally, closing in advance of that date is wise as any hiccup forcing the closing to be moved into July would mean that you’ve missed your shot at a rebate. If you’re buying a home, plan on working closely with the seller to ensure that everything goes according to plan—thousands of dollars are resting on a timely closing.

Amended Returns

Taxpayers eligible for the credit can amend their 2009 tax returns in order to receive their rebate check this year. Otherwise, you can wait until next year when you file your 2010 tax returns but why put it off? As a new homeowner you’ll find that the money can come in handy as you get used to making mortgage payments, paying taxes and homeowners insurance and take on repairs and improvements.

The Worker, Homeownership and Business Assistance Act of 2009 became law on November 6, 2009, effectively extending and expanding home buying credits offered through earlier acts. Taxpayers who bought a home before that date should familiarize themselves with the law on the books at that time and visit the IRS’ First-Time Homebuyer Credit web page for more information.

Will real estate offices be swamped this week as buyers seek to buy a home? That seems likely as does a scenario in June where a shortage of moving vans keeps U-Haul, Ryder, Penske and other truck rental companies busy handling requests from tax credit home buyers.

Adv. — Visit SayLending.com to obtain information about mortgages and other lending options.

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