Mortgage Updates

On November 6th Congress passed legislation renewing the government's $8,000 tax credit for first-time home buyers!  The bill states that the first-time home buyer must sign their contract by April 30,2010 and close on by June 30, 2010.

Even better, the bill will extend tax credits up to $6,500 for qualified repeat homebuyers! This is a huge opportunity.  It allows up to a $6,500 credit/refund if they purchase a new principle residence after November 6,2009 and on or before April 30,2010 (or closed by June 30, 2010 with a binding sales contraact signed by April 30,2010.

For detailed information about the IRS requirements click here.