Tallahassee Real Estate Blog

    The first time home buyers credit was an $8000 tax credit given to first time home buyers. There was also a move-up buyers tax credit that was for $6500.  At the end of June Congress voted to extend the amount of time needed to close the sale.  Now first time home buyers have until September of 2010 to close on a house that had been contracted on or before April 30, 2010.  So essentially these tax credits have expired.

However, there are special rules that apply to certain service members. If one is in the military, foreign service, CIA (do we have CIA here in Tallahassee??) or FBI and were on official extended duty outside of the United States for at least 90 days between January 1, 2009 and May 1, 2010 could qualify for a one year extension. Because of their service they did not have the opportunity to purchase a Tallahassee home because they were out of the country. If you are a member of any of those agencies - call us 850.445.2476.  We're prior military and federal service!

There is no move to bring back the credits. It was good while it lasted for buyers.  But doubts about how effective it was in stimulating demand and the current resistance to new stimulus spending make it highly unlikely we'll see it again.

Terance Keenan