First Time Home Buyer Tax Credit ends June 30th!

Is your escrow is still drudging along???

Well be sure it closes before July 1st as the next few weeks are crucial for home buyers who need to close escrow before the end of June to claim the federal home-buyer tax credit.

Prospective purchasers with binding contracts in place as of April 30, 2010 have to close their transaction by June 30, 2010. If the transaction closes July 1st, the buyer will lose out on the tax credit.

Military personnel, deployed overseas for a minimum of 90 days in 2008 or 2009, will have until April 30, 2011 to claim the tax credit. Qualifying income limits are $125,000 for single taxpayers and $225,000 for joint taxpayers.

The maximum allowed home purchase price will be $800,000.