ATTENTION ALL HOME BUYERS!!!— Senators in Washington agreed Wednesday, October 28, 2009, to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.
The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November 2009. Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The tax credits would be available to homebuyers who sign sales agreements by the end of April 2010. They would have until the end of June 2010, to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
However, there is also information that the extension of the $8,000 tax credit may be REDUCED up to 10%. There is still time to qualify for the full and current $8,000 first-time home buyers tax credit. A loan in Southeast Idaho can take up to 30 days to close, but there are some lending institutions that can close a loan much sooner. First-time home buyers, call or email me today and let’s get to work!!