CT Homebuyer Tax Credit

July 1, 2010
Matt Isleib

 

Finally some relief and extended help to people who are buying homes aside from record low interest rates.

The tax credit set to expire yesterday has been kept alive by Congress helping CT homebuyers as well as the rest of the US. Initially drawn for a potential home owner to be under contract to purchase a home by April 30^th and a deadline to close by June 30^th the heavy pressure from consumers and Real Estate Associations to extend the deadline to close has been granted.

Congress drew up a plan and passed it along to President Obama to extend the closing date three more months until September 30, 2010 and qualify for tax credits up to 8,000. Legislation in the senate passed the bill with unanimous consent. It does however apply for those home buyers already under contract and not new purchase agreements going forward.

So aside from mortgage rates being at record levels the home buyers have a little more breathing room to close and reap the benefit of a tax credit as well.