I post this with a question mark becuase I’m not 100% sure – but MSNBC is reporting tonight that the first time home buyer tax credit is being extended as well as expanded. Key points include: Current $8,000 for first time home buyers will be available through June, 2010 (must be under contract before the end of April), reduced credit of $6,500 for repeat home buyers who have been in their current home for the last five years. There are income limits for both credits – the current credit starts to phase out at an income level of $75,000.
This could be a really good thing! If you are considering a purchase, now just might be the right time to do it! Prices are still down and interest rates are still near historic lows. Our mortgage rep has indicated that rates will most likely go up after the first of the year. Especially in March when the government stops buying the mortgage backed securities.
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