Just a reminder to all the buyers that wish to take advantage of the home buyers tax credit that time is running out quickly. In order to take advantage of the creidt you must have an executed contract dated no later than April 30, 2010 and with a settlement occurring no later than June 30,of this year. There has been some conversation about the extension of the credit but from everything that I have read there is little, if any support in Congress at this time to extend the deadline. Naturally, things change cahnge but i do not expect that to happen again.

As a reminder the First Time Home Buyer Credit is up to $8000 and the first time home buyer is defined as someone that has not owned a home in the last three years. The $6500 tax credit is aimed at people who have lived in a home for at least five consecutive out of the last eight years. There are income considerations for both credits but many potential buyers will be able to qualify for most, if not all of the credit. So if you are considering a home purchase and you combine the tax credit with the very attractive low interest rates, why wait act now before the credits are history.