I’m writing this to answer all the rumors out there about the first time home buyer tax credit extension.
Right now you still need to close by November 30th, 2009
The proposed new bill would extend that to being in contract by April 30th, 2010 and closing prior to June 30th, 2010.
The new bill would also give qualified buyers that are buying a ‘move-up’ home a $6,500 credit but you have to have lived in your current home at least 5 years and there will be income restrictions as well.
Another add-on would be an extension of unemployment benefits.
This is still being debated – stay tuned for updates as this bill continues to change and hopefully get passed into law soon.