The $8000 first time home buyer tax credit was set to expire yesterday, June 30th, 2010 for those who did not complete the closing. Luckily the tax credit was extended through September 30th, 2010 which gives home buyers another three months to complete the contract. President Obama and his staff have worked very hard to make certain Americans have access to the funds they need to purchase a new home. The extension of the first time home buyer tax credit is just another resource that was created to help the overall economy and housing market. It is very important to understand that you must be under contract by April 30, 2010 to have any opportunities to lock into the $8000 government first time home buyer tax credit. If you were not under contract at this time than the $8000 tax credit is not available to you. With the housing market continuing to struggle as unemployment stays above 9% it will be interesting to see if the government continues to help Americans when it comes to home purchases. Mortgage interest rates are currently very close to all-time lows as the 30 year fixed rate is around 4.5%. Hopefully this will help the housing market stabilize and start to move higher.
Carlos Figueira - Keypoint Mortgage 