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Is it too late to claim the first day home buyers tax credit?

No.

As it stands now, it officially ends on November 30, 2009 – which means whether you are currently under contract and are in process of getting financing, you will still probably close in day to claim the $8,000 tax credit.

But whether you haven’t picked out a house and gotten an accepted sales contract and are currently working on getting financing approved thereupon you are probably too late.

Unless congress does something to extend and/or expand the credit.

According to the coverage of the tax credit by the Phoenix Real Estate guy:

• UPI is reporting that Senator Johnny Isakson, who has lead the charge for a home buyer tax credit in the Senate since Day 1 has reached a point of compromise. Isakson has always wanted to see the tax credit at $15K, not limited to first instance buyers, and the income limits increased. According to UPI, Isakson will introduce an amendment for a six month extension rather than 12 month and keep the credit at $8,000. He will still
  try to expand it to all primary residence buyers and raise the income limit to $150K for an individual or $300K for a couple.
• The Wall Street Journal reports that Isakson is “cautiously optimistic” that an extension – with procedural safeguards attached to stem the ever-growing tide of sham credit claims – can move ahead in the Senate next week.
• CNBC is reporting that Senate Majority Leader Harry Reid is making a counter-proposal to Isakson’s tax credit extension that will phase out through 2010:
  

  Under Reid’s plan, the $8,000 tax credit would be phased out by moment, dropping to $6,000 in April, $4,000 in July, and $2,000 in October, before expiring at the end of 2010. The plan could come to a vote as early as next week.

What actually happens as to whether or not the tax credit will be extended and/or expanded will be decided in the coming weeks – and many public will be anxiously waiting the answer… except for those society who have already taken advantage of the credit and bought a house!

Orginal post by Justin McHood