Well, once again we are approaching the deadline where First Time Home Buyers and Move-Up Buyers can apply for a tax credit when they purchase a new home.
Buyers must have an approved contract by 4/30/2010 and must have closed on the new home by 6/30/2010.
The tax credit amount is 10% of the purchase price up to $8,000 for First Time Home Buyers and $6,500 for Move-Up Buyers. Move-up buyers must have lived in there current home for five years out of the last eight years.
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This is a wonderful opportunity that probably won’t come back for a long time; if ever. If you really want a new home, then this is a great time to buy. Not only is the tax credit available to many, home prices and interest rates are still very low.
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Get off the stick, time is running out for you on all fronts. Not only is the tax credit expiring, interest rates are beginning to inch slowly upward.