The first time home-buyer tax credit dead-line is coming to an end on April 30, 2010. The Worker, Homeowner and Business Act of 2009 extended the dead-line from November 30, 2009 to April 30, 2010.
The tax credit is a value of $8000 if you have not owned a primary residence within the past 3 years. So even if you owned a home back in the early to mid 2000's when the Atlanta real estate market was thriving you can still qualify for the homebuyer credit. The IRS has posted income restrictions as well. Single filers adjusted gross up to $125,000 and Joint filers up to $225,000 will qualify for the tax-credit.
What happens if you enter into a contract on April 30, 2010? Do you still receive the credit? The answer is yes - so long as you close on your new home by June 30, 2010. Members of military will have one extra year to claim the credit (April 30, 2011)
So if you've been looking for a new home and have yet to "pull the trigger" on your decision making process. Now is the time. Atlanta real estate prices have never been so low and now a tax credit is the proverbial "icing on the cake".
Will the tax credit be extended again? Of course this is possible but, we've spoken with many of the Atlanta lending institutions and mortgage companies and the consensus seems to be that there will not be another extension. So again, if buying a home is in your plans, hurry. Time is running out.
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