This is just a quick note about the $8000/$6500 homebuyer tax credit. As you may recall, this credit was originally introduced as an $8000 first-time homebuyer tax credit that was set to expire on November 30, 2009.
Shortly before its expiration, Congress acted to push the expiration date back to April 30, 2010. At the same time, they expanded the credit to include $6500 for existing homeowners who buy a new residence if they’ve lived in their current home for five of the past eight years.
Will the homebuyer credit be extended?
With the new expiration date looming, I’ve received several inquiries about whether or not the homebuyer tax credit will be once again extended. The short answers is that no, I haven’t heard anything about Congress acting to once again extend the homebuyer tax credit. Thus, if you’re not under contract by this coming Friday, you’re likely out of luck.
An exception for the military
The exception to this bit of bad news is that members of the military, foreign service, and intelligence communities may have an additional year to claim the credit. This extension applies to qualified service members who who served on official extended duty outside of the United States for at least 90 days between January 1, 2009 and April 30, 2010.
If you are interested, you can view current mortgage rates being offered by mortgage lenders.