We are nearing the end of April....flowers are blooming, the grass is getting green, kids are antsy about the end of school, and...

The tax credit is about to say farewell.

For the past year, homebuyers have been given a huge bonus when purchasing a home in the way of a tax credit.  For first time homebuyers (those who have not owned a home in the past three years), this credit means up to $8000 back at tax time.  For the "resale" buyer (those who have owned their home for 5 of the last 8 years), the government is handing out $6500 credits.  These are true tax credits, not the short term government "loan" that we saw in 2008 and the beginning of 2009. 

For buyers who meet these requirements, you MUST have a contract by April 30th (this Friday!!).  You do not have to close by then, but closing must be by June 30th of this year. 

Do we think the credit will be extended, like we saw in the fall?  Anything could happen, but we are not seeing the "action" happening in Congress like we did on this last fall.  All signs point to the government letting this opportunity run its course.  I am thinking, if you want that free money, this is your last chance.

For members of the military, the tax credit has been extended, but you have to meet very specific requirements. 

Go to the Federal Housing Tax Credit Website to get all the specifics on both types of credit and to see if you can take advantage.  If you are considering purchasing a new home, we are here to help!   With still record low interest rates under 5%, this is an incredible time to find your dream home!

 Hurry up.....don't miss the boat!