First-Time Hombuyer Credit - Closing Deadline Extended
The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from 06/30/2010 to 09/30/2010 for eligible homebuyers who entered into a binding purchase contract on or before 04/30/2010.
Who can claim the First-Time Homebuyer Credit:
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If you entered into a binding contract on or before 04/30/2010 to buy a principal residence located in the U.S., you must close on the home on or before 09/30/2010 (new extended deadline).
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To be considered a first-time homebuyer, you and your spouse (if you are married) must not have jointly or separately owned another principal residence during the 3 years prior to the date of purchase.
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To be considered a long-time resident homebuyer, your settlement date must be after 11/06/2009 and you and your spouse (if you are married) must have lived in the same principal residence for any consecutive 5-year period during the 8-year period that ended on the date the new home is purchased.
The maximum credit for a first-time homebuyer is $8,000. The maximum credit for a long-time resident homebuyer is $6,500.
