First Time Home Buyer Credit Has Been Extended | Plainfield IL Homes for Sale

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First Time Home Buyer Credit Has Been Extended | Plainfield IL Homes for Sale

Nov 11th, 2009 by Julie

On November 6, 2009, legislation was passed that extends and expands the tax credit given to those purchasing a home for the first time, and also to long time homeowners who are purchasing a replacement primary residence. It also raises the income limitations previously set for homeowners seeking to claim the credit.

Anyone that qualifies for this tax credit needs to enter a fully binding contract by April 30, 2009, and close on their new home by June 30, 2009. I am unclear as to how the “fully binding contract” will come into play with short sale contracts since they are not fully binding until they have bank approval… I’ll have to see about getting more info about this from my short sale negotiator.

The tax credit has done a lot to bring a lot of first time home buyers over the fence in Plainfield IL this fall. These are buyers that had been waiting to see what the market was going to do, and the previous deadline of closing by November 30, 2009 has been the motivation to move quickly toward the end of September.

I have 3 closings this week, and all 3 of my buyers are taking advantage of the first time home-buyer credit! Real estate typically slows down in the winter months, so it would great if we see this momentum throughout the end of 2009 and into 2010.