Homebuyer tax credit expires Friday

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) - Time is running out for folks who want to put some cash in their pockets for purchasing a home.  The first time homebuyer tax credit worth up to $8,000 expires Friday, April 30th.

Participants must have a contract on the home by Friday, and entire purchase has to be closed by June 30th.

If you've been searching for a home and you're close to signing a contract, experts have some advice on what to do to speed up the process.

"Probably the only thing that can be done is to get a contract and make an amendment to it later.  You fine tune it, but the primary goal is to get under contract by Friday," says Columbus Mortgage Bankers Association President Marcus Coyle.

There is good news though for members of the military who have been deployed.  They have an extra year to take advantage of the credit.  They have until April 30th of next year to enter into a contract.

Taxpayers have the option of claiming the credit on either their 2009 or 2010 tax return. Click here for the form and more information.

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