It’s no secret that the United States real estate and mortgage lending markets have been in a bad situation lately. With people losing their jobs and savings accounts, fewer and fewer people have been able to pursue their dreams of owning their own homes, and this has meant a serious decline in the industries that depend on new and repeat homebuyers for their success, namely banks and real estate agents. To combat this real estate slump and encourage people to pursue their plans of owning their own homes, the federal government recently announced that it would offer an $8000 Tax Credit Extension for new homebuyers that sign a contract on a home by April 30, 2010.

This is good news for the first time homebuyers out there that were wishing that they could have taken advantage of this great money saving offer, but for one reason or another were unable to get into contract on a home by the beginning of November, 2009, which was the original tax credit deadline. Because the legal jargon of the government extensions stipulates only that you must enter into a contract by the end of April, 2010, and that you have until the end of June 2010 to close on the home, home buyers will have the opportunity to claim the credit on either their 2009 or 2010 taxes.

Now, if you’ve already purchased your first home, but are interested in buying a new one in the near future, you’re probably wishing that you could still take advantage of this great tax credit, and the good news is that you still can! Language in the new legislation points out that there will also be a $6500 tax credit for repeat homebuyers as well. This means that it is never too late to take advantage of this offer and make your home owning dreams come true.

If you are interested in taking advantage of the $8000 Tax Credit Extension for new homebuyers or the $6500 tax credit for repeat homebuyers, you should talk to your preferred mortgage lender right away, as they will help you to develop a timeline that will ensure that all of the parts of the process are completed by the qualifying dates. This is a once in a lifetime opportunity to get a little boost when it comes to starting life off right in your new home, so make sure you seize the opportunity today.

For more information on the $8000 First Time Buyers Tax Credit or the Existing Home Buyers $6500 Tax Credit contact First Thomasville Realty at 229-226-6515 or email us at info@FTRealty.com .