First Time Home Buyer Tax Credit Extension - 2010 Tax Credit for $8000 Expires on April 30th

The first time home buyer tax credit extension is likely to be on the minds of many first time buyers. The 2010 tax credit for $8000 is set to expire on April 30th and many buyers are concerned that they will not be under contract by this time. The rules of the first time home buyer credit state that the buyer must be under contract by April 30th, 2010 or they will not qualify for the credit. In November of 2009 the Obama administration decided to extend the original first time home buyer tax credit. Not only did they extend it until April of 2010 but they also expanded it to move up home buyers as well. If homeowners have lived in their primary residence for more than five years and they plan on moving up they can receive a credit for $6500. These buyers also have to be under contract by the end of April. With just a few short weeks left in the month of April many Americans are concerned that they will not be under contract to receive this credit. Unfortunately, there has been no bill passed to extend the credit as of yet. This could change at any time as President Obama and his staff know just how important the housing market is to the overall economy. If the United States sees further decline in housing prices then it could cause a double dip recession which would be a very bad set of events especially with the unemployment rate still very close to 10%.