Highlights
- To collect either tax credit, homes must be under contract by April 30.
- “The first thing they need to do is make sure they can get a mortgage.”
- Insurance premiums on FHA loans increase after April 2.
There are two homebuyer federal income tax credits: the first-time homebuyer tax credit of up to $8,000, and the move-up homebuyer tax credit of up to $6,500. Both come with deadlines.
To collect either tax credit, buyers have to have homes under contract by April 30. That means that both buyer and seller must have signed the purchase contract by that date. After that, there’s another deadline: The transaction has to close by June 30.
Below is a timeline for homebuyers who want to complete the transaction on time to collect the federal income tax credit. The following dates aren’t ironclad; the real estate agent, lender and title company will know if you need to deviate from this timeline because of your situation or location. Use this timeline as a general guide and as motivation to take action quickly.
Above all, let everyone — from the lender to the seller to the inspector — know about your deadlines
Compliments:
Chad E. Bahnsen
Related Articles
No user responded in this post
Leave A Reply