The $8,000 first-time homebuyer tax credit program was extended in 2009 but is set to expire in April of 2010. Homeowners who are looking to take advantage of this tax credit must be under contract on a home by April 30th 2010 in order to qualify and they must then close on the home by June 30th to receive the credit.
Many homebuyers have found the first-time homebuyer tax credit to be incentive enough to move forward in looking for a home and with interest rates on a mortgage at such lows, many homebuyers are finding that owning a home is just as cheap as renting.
Obviously, the mortgage rate given is going to be dependent on the homebuyer’s credit score, but the $8,000 first-time homebuyer tax credit is going a long way towards helping people who are able to afford the monthly payments on a home, but worry about the upfront costs of buying.
While time is running out for anyone who is looking to take advantage of this tax credit there are still many homes and time available to get everything done before the April 30th deadline arrives. However, if you are looking into buying a home due to the first-time homebuyer tax credit, you will want to be certain that you are in the financial position to make the monthly payments before you proceed.
Get pre approved for a mortgage now and see how much you can afford.
Quintet Mortgage is a locally owned mortgage company in business for over 20 years.
Fill out a quick 2 minute application and find out how much you can afford:
http://www.mortgagesNW.com
or call Rich Rano Loan Specialist at 425-773-3100
No obligation, free consultation.
MLO-120146
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