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First Time Home Buyer Tax Credit Extended.
The federal government has extended the first time homebuyer tax credit until June of 2010 and has added a tax incentive for current homeowners as well.
By: Paul Martin, Branch Manager, VanDyk Mortgage
Additionally if a current homeowner wishes to sell his or her home and buy another home a $6,500.00 tax credit is available. The homeowner must have owned the home for at least five years. This existing homeowner tax credit should help to stimulate the middle of the real estate market comprised of those consumers who wish to "trade up" or "trade down".
Most experts feel that until real estate values stabilize or show a slight increase uncertainty and lower consumer confidence will continue.
The tax credits for future and existing homeowners are applicable to all available mortgage products including conventional mortgages, FHA mortgages, VA mortgages and Rural Housing mortgages. Buyers can refile their most recent year's federal tax return to immediately receive the tax credit.
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