First time home buyers have been scrambling to purchase their first home before the $8,000 tax credit expires on November 30th. But what about those first timers who aren’t able to close before the November deadline? Will they have to back out of their contracts?
The answer isn’t clear at the moment and our representatives have only 27 days to hammer out an agreeable extension. So far there is bipartisan support for extending the incentive through springtime, although some of the details may change. One of the plans being talked about is keeping the $8,000 credit for first time buyers but offering up to $6,500 in credit to current homeowners who have lived in their homes for at least 5 years and want to upgrade to a larger property.
To read more about the future of this home buyer’s tax credit, click here.
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