Nichole Buchanan just signed the contract today on what will be her first home.
At age 25 it's a big leap but she says the timing is perfect.
The $8,000 First Time Homebuyer Credit is a huge help financially. And she said she wasn't about to lose out on it.
"I misunderstood it at first. I thought that you had to close by April 30th and so I was push, push, pushing," said Buchanan.
But she soon learned she didn't need to rush. The extension applies to buyers with a contract signed by April 30th. As long as you close by the end of July, you'll still get the credit.
We asked Spartanburg Realtor Marcie Kirby with Prudential whether the extension has made a big impact on the local housing market.
"It hasn't made a huge difference. It has made a difference. But it hasn't been like all of a sudden we had 15 units that wouldn't have sold if it hadn't been for that," said Kirby.
Kirby says she's been disappointed to learn how few of her clients got word about the $6500 "move-up" credit.
That new element of the extension applies to people who have owned a primary home for more than five years and are looking to buy a new home.
Don't be fooled by the name. Even if the house you buy is less expensive than the one you own, you still get the credit.
Another key aspect is that if you buy your home in 2010, you can take the credit on your 2009 taxes. And if you've already filed, well, just fill out an amendment.
And that's just what Nichole says she plans to do.
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