I am very pleased to hear that the First Time Home Buyer Tax Credit of 2009 was officially extended into 2010! As I mentioned in a previous blog, this will now allow first time home buyers extra time to purchase a house. You now have to have a signed purchase contract by April 30th, 2010 and you must close on the home June 30th, 2010.This is fantastic news for my husband and I. We are still trying to find a buyer for my parents house and we cannot buy our first home until that one sells. There would be no one to pay my parent’s mortgage. We are also still trying to work out our conditional mortgage loan commitment. We have to work a few things out in order to be approved now. Otherwise, we are gauranteed a loan in February 2010. If they hadn’t extended the tax credit, we might have missed out on it.
For those people who are already questioning whether or not the government will extend it yet again, even farther, if you can buy now… I highly recommend it. It did seem that they were quick to extend this and eager to do so, but there is a lot of controversy about the debt our government is incurring by approving the first time home buyer credit. There are no gaurantees it will be around after this new expiration date. Besides, buy now… help the economy!
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