Released on: November 11, 2009, 12:21 am
Author: BuyAustin.com
Industry: Real Estate

Ken Renner, a top Austin realtor with Keller Williams Realty is ready to help clients with information on the First Time Homebuyer Credit extension signed into law last Friday. Unlike the provisions in the original first time homebuyer credit bill, this extension aides existing homeowners with a $6,500 tax credit.

Austin, Texas November 11, 2009 -The First Time Homebuyer Credit was signed into Law in February 2009 to help stimulate the slumping housing market. The original Bill contained an $8000 tax credit for first time home buyers who purchased a home between January 1, 2009 and November 30, 2009. This past Friday the $8000 tax credit was extended past the November 30th deadline.

This extension will extend the tax credit to include contracts signed by April 30th and are closed by June 30th next year. In addition, the extension will include a $6500 tax credit to those who have had a least 5 years of consecutive homeownership 5 out of the last 8 years. “Therefore, this extension not only benefits first-time homebuyers, but also homeowners, says Kenn Renner, first-time home buying expert with BuyAustin.com.

Mr. Renner says his office had been inundated with calls about the first extension. With the credit having been extended he said, “The fact there is a cutoff for contract leads me to believe that this will not be extended again. So anyone who is eligible and wants to take advantage of the tax break needs to take action sooner than later.”

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