According to several news sources the $8000 First Time Buyer Tax Credit may be extended. The Senate recently has reached an agreement on extending and expanding the credit. Some of the changes include an increase in the qualifying income limits to $125,000 for a single tax payer to $250,000 for joint tax payers. If the proposal is passed buyers would have until April 30^th 2010 to have sales agreements and until June 30^th to settle.

Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan are in support of this new agreement and extension.

 ”We welcome efforts taken by Congress to extend the First-Time Homebuyer Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,”

 That’s good news for first time buyers but just because it maybe extended that is no reason to get lazy about finding a new home. Most transactions take from 30 to 45 days to close and that’s not including the time a buyer needs to find the home they want. Most buyers look for months before they find their new home. My advice is start working with a Realtor now that can help you get everything in order so you can take advantage of all the benefits of buying in today’s market.

Utahns’ looking to buy a brand new home are in luck. The State just launched the Home Run Grant 2 Program. This grant is very similar to the original Home Run Grant that was such a big success earlier this year, but does have important differences.

According to the Utah housing web site; The Home Run 2 Grant is a mortgage assistance program that grants $4,000 to home buyers who wish to: (A) have a new home constructed, (B) have a partially-constructed home completed, or (C) purchase a newly-constructed home. It must be the primary residence of the home buyer. Homes that have been previously occupied do not qualify.

This means the Home Run 2 will be available to a wider range of buyers.

The original grant was only available to people if the home was completely finished and ready for occupancy. Like the original grant there are some income and residency restrictions but theses are reasonable and won’t prevent most people from taking advantage of the program. Another thing it has in common with the original grant is there are a finite number of grants available. These Grants will go quickly as the word gets around.

First time buyers can now get a combined $12,000 for purchasing a new home, however they must move quickly. The $8,000 tax credit is going to expire soon, and based on the popularity of the original Home Run Grant it too will be gone soon. First time buyers only have a couple of months to find a home, and get the full $12,000.