The opportunity for the $8,000 first-time homebuyer tax credit and $6,500 repeat homebuyer tax credit has passed. Homebuyers needed a signed purchase agreement by April 30, 2010. Homebuyers who were able to sign a purchase agreement by the deadline, will need to close on their home by June 30, 2010, in order to qualify for the tax credits.

There is one exception. Members of the military and certain other federal employees who served outside the U.S. on qualified official extended duty service for at least 90 days during 2009 and before May 1, 2010, have an extra year to take advantage of either the $8,000 first-time homebuyer or $6,500 repeat homebuyer tax credits.* These eligible persons must buy, or have a signed purchase agreement to buy, by April 30, 2011. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. To see if you qualify, contact Edina Realty Mortgage at 952-928-5300 or mortgage@edinarealty.com.

Down payment assistance is available for homebuyers
While the homebuyer tax credits from the federal government are done, many community, city, county and state agencies will continue to offer ways to keep homeownership affordable for homebuyers through Down Payment Assistance programs (DAPs), which help qualified homebuyers obtain low down payment loans on conventional loans. Learn more about featured Down Payment Assistance programs