Many first time home buyers have become frustrated because the first time Federal Tax Credit will soon expire across the country  for buyers who want to buy in American Fork and surrounding cities in Utah County and they haven’t found real estate they want yet!  Well, it looks promising that help is on its way!  According to RISMEDIA, October 29, 2009 (MCT/The Wall Street Journal) it states that the Senate plans to extend and expand the tax credit.   The passage is still uncertain, but if it passes there would be a tax credit up to $8,000 for first time home buyers and a new tax credit for some existing homeowners up to $6,500 with a new deadline of June 30, 2010! 

What would the qualifications be?  All homebuyers who have been in their current residence for a consecutive five year period in the past eight years.  $125,000 income for single taxpayers and $250,000 for joint taxpayers.  Sales agreements would need to be in process by April 30, 2010 with June 30, 2010 as a settlement deadline.  According to the Ris Media article, the credit has contributed to three consecutive months of rising home prices nationwide.  The full Senate and the House still need to vote on it, but it looks positive.  So, for first time home buyers it still looks good to find a home with some tax credit help.