The first-time homebuyer tax credit, along with the repeat homebuyer tax credit, are set to conclude this year and April and June will bring key dates for anyone looking to take advantage of either tax credit. April 30th and June 30th are the days to remember when looking to use the tax credit.
Anyone who may be buying a home must be under contract on a home by April 30th and close on the home by June 30th in order to qualify for the tax credit. Potential homeowners still have time if they are looking to buy a home, but there are only a few weeks that remain and since closing on a home can bring unexpected delays these dates may be closer than they seem.
Homeowners that are able to use either tax credit are looking at up to $8,000 for the first-time homebuyers and up to $6,500 for repeat homebuyers. These tax incentives, along with low interest rates and homes that are affordable, have been pushing many people in the world of home ownership, as some homebuyers find that a new home can be as cheap as renting.
If you are one of these potential homeowners keep in mind that buying a home is a big responsibility, so don’t jump into the housing market just because of a tax credit. If you are on a firm financial standing and are able to afford payments on a mortgage, among other things, you can benefit from one of these tax credits. However, be sure it is the right decision for you before you proceed.
found at Red, White, and Blue Press
