How did they sign up for the program anyway. The two spikes in existing home sales were due primarily to the first time homebuyer tax credit (the initial credit last year, followed by the extension.

Repaying the First-Time Homebuyer Credit. The homebuyer credit is repaid as an additional tax on your federal tax return if you bought your home and qualified in 2008. This works out to annual repayments of $500 per year if you received the maximum $7,500 credit. Think of it like an interest-free 15-year loan.

Homebuyer credit extension heads to Obama. Buyers must have signed a contract by April 30 to qualify for the tax break. At issue is when the deal must be finalized. Qualified existing homeowners also have until Sept. 30 to close on new homes and receive a tax credit of up to $6,500. Congress has been trying to pass the extension for the last month,

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Senate Banking Chairman Chris Dodd wants to attach a six-month extension of the $8,000 first-time homebuyer’s tax credit to pending legislation extending jobless benefits. The credit is.

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It’s hard not to laugh when viewing the results of the federal first-time home-buyer tax credit. The credit, worth up to $8,000 for the purchase of a home, has only been available since April of.

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Failure to extend what may be one of the most effective pieces of the Obama administration’s 2009 stimulus legislation would cost jobs, economic growth and tax revenues, the housing groups argue..

Obama used the Homebuyers Assistance and Improvement Act of 2010 to extend the date in which someone can close on their home and still benefit from the Tax Credit. First time buyers with purchase loans that close before October 1 of 2010, and applications were completed and received by April 30 of 2010 will be eligible for the $8,000 tax credit .

WASHINGTON (Reuters) – The Obama administration is still considering extending. expressed doubts the United States could afford to extend the tax credit for first-time home buyers beyond its.

Home Buyer Tax Credit Expansion Heads to Obama. It gives up to $8000 for first time buyers (defined as not having owned a home for the past three years) and up to a $6500 credit to move-up buyers who have owned and occupied their current homes for at least five years. Again, you have to be an owner occupant of this primary residence,