The housing tax credit is scheduled to end. In order to qualify you must have your purchase contract complete by April 30, 2010 and you must close by June 30, 2010.
While the tax credit was originally scheduled to end on November 30, 2009, last time it was extended. However, it does not really look like that is a possibility this time. This time it looks like it is really over. Support has faded on any new bills and even the success of the past credits was not quite as great as we had hoped. According to a study by a Goldman Sachs economist, Alec Phillips, most of the first time buyers would have purchased anyway without the credit…… (so how do they measure such things anyway? I mean, really how do they?).
Mr. Phillips claimed that the tax credit only accounted for about 200,000 sales ….(again, how do they determine that? Do they just go ask the people? And the people say ?oh yeah, I would have bought a house anyway. The tax credit was just gravy. And then again just how important is that type of ?gravy? in this current economy??.But there I go, asking the questions, wondering about this and that and none of these questions can really be answered in any type of definitive manner).
But it looks as if it will be over, done, complete.
If you are a first time buyer you can qualify for up to $8000 and if you have owned your current residence for 5 years you can qualify for up to $6500. And there is still time if you start looking for your new house now. Just secure the purchase contract by April 30, set your closing for June 30 or before, no later.
But there is not much time left, so do not dilly dally around. The End is Near!
