The First Time Home Buyer Tax Credit was officially extended today. President Obama signed the bill into law, creating an extension and expansion of the credit for new home owners. The extension covers first time buyers who purchase by April 30th 2010 and must close by June. This gives those of who you have been sitting on the sidelines for the past few weeks plenty of reason to get back into the game again. You will still get the same $8,000 that you would have if you had bought earlier.
As for the expansion part, the credit is now being expanded to anyone who has owned their own home for the past 5 years and wants to buy something new. For these people the credit will only go up to $6500 but it’s still a great incentive. There are of course income limitations with both of these credits but they have been raised above what they previously were at. For more information on the tax credit or if you’re interested in purchasing a new home, please don’t hesitate to call us at 617-449-3642 or search our website.