It’s now law: Buyers get 5 more months to sign a contract, 7 more months to close.
Click here to compare the differences between the current tax credit and extended and expanded version.
If you have owned a home you aren’t left out in the cold anymore. Some “move-up” buyers get $6,500. If you have owned your last home for 5 of the last 8 years you can qualify. I am still waiting for an explanation on when exactly you have to sell that home to qualify (before or after the new purchase…exactly what deadline?).
If you have not owned your home for the last 3 years or longer you can qualify for an $8,000 credit.