Home Buyer Tax Credit Finalized

Posted by Jeff on November 6, 2009 under Real Estate | Be the First to Comment

The home buyer tax credit bill was signed today by President Obama. This bill extends the credit period until June 30, 2010 but homes must be in contract by April 30, 2010

The new bill provides for up to $8,000 credit for first time buyers and up to $6,500 for trade up buyers who have been in their current home for the last 5 years.

This extension should provide an early boost to the spring housing market which normally doesn’t start cooking until April. With the Feds Mortgage Bonds purchase program set to expire at the end of March, the time to buy will be the first quarter of next year. Once the Fed halts their purchase program, rates will must likely start to rise.