Thursday, October 29, 2009

Senators agree to extend tax credit deadline!

Popular tax credit for first-time homebuyers extended and reduced credit to some repeat buyers is to be offered.

Originally the tax credit provided up to $8,000 to first-time homebuyers but was set to expire at the end of November.

As Regan Lachapelle, spokeswoman for Senate Majority Leader Harry Reid (D-Nev) said, senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.

The tax credits would be available to homebuyers who sign sales agreements by the end of April and they would have until the end of June to close on their new homes.

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