Deadline for Homebuyer Tax Credit Looms Just Ahead

There Has Never been a Better Time to Buy a Home

By Mark J. Donovan

The deadline for the homebuyer tax credit is nearly upon us. This program started by the federal government was another tool in stimulating the economy. The homebuyer tax credit provides up to an $8,000 credit for home buyers who have not owned a home in at least three years. In addition, the homebuyer tax credit is also targeted towards some current homeowners. The federal government is also offering up to a $6,500 tax credit for those who have currently lived in their own home for at least 5 consecutive years and want to move.

The deadline to participate in this government handout ends soon. Contracts must be signed by May 1, 2010 and closings need to occur before July 1, 2010.

So if you are considering jumping into the housing market for the first time, or have a desire to move from your existing home, and have lived in it for the past 5 years, you should make your move now. All the homebuyer stars are in alignment; low interest rates, low house prices and government tax credits. This is most likely a once in a lifetime deal!