8K TAX CREDIT UPDATE

The clock may have stopped ticking….or at least slowed down for a little while!  Yesterday afternoon, the Senate approved the extension to the $8000 First Time Home Buyer Tax Credit.  The new credit will be good through April 30, 2010.

 In an effort to continue the increased demand for residential real estate, the government is giving buyers more time to find the home of their dreams.  Here are a few important dates to keep in mind:

• Buyers must be under contract by April 30, 2010
• Buyers must close escrow no later than June 30, 2010

 The Senate has also introduced provisions to allow for current homeowners to take advantage of the tax credit.  Homeowners who have lived in their homes as primary residents for 5 years or longer may soon be eligible for a $6500 tax credit when purchasing a new primary residence. 

We are all patiently awaiting the President’s signature that will put this bill into effect.

Wishing you much success!

The “Loan” Wolf