As you may have heard, the tax credit for first time home buyers has been extended!
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- Q: What has stayed the same in the new law? First-time home buyers still get a credit of as much as 10% of the purchase price, up to a maximum $8,000.
- Q: What has changed? A buyer must have a contract in place before May 1, 2010, and the deal must close before July 1, 2010. No further extension is expected. The price of the house is now capped.
- Q: Is it possible to qualify for a credit if I am building a home on a lot I already own? Yes, according to the National Association of Home Builders. The purchase date is usually considered to be the date of first occupancy, so you would need to move in before July 1, 2010.
Source: The Wall Street Journal, On-line, November 12, 2009; Tax Report: “The Lowdown on Home-Buyer Tax Credits,” by Laura Saunders. See full article, for additional details and stipulations of the extended program.