What's Hot: A Look At The Renters Moving In And Out Of DC
Federal Tax Credit: 38 Days Left
✉️ Want to forward this article? Click here.

With just over a month remaining to take advantage of the $8,000 tax credit and no signs that it will be extended for a third time, we wanted to quickly remind readers of a few things they should know.
- Buyers wanting to take advantage of the credit must be under contract by April 30th, and must close on their new home by June 30th. A few months ago, Realtor Mandy Mills told UrbanTurf that most contracts settle in 30-45 days and most loans today take about 30 days to process, so to be safe, you may want to be under contract by April 20th.
- The credit is available to individuals earning up to $125,000 or couples earning up to $225,000. The extension is not just limited to first-timers this time around: existing homeowners qualify for a $6,500 credit if they have lived in their current residence for five years.
- You cannot buy a property from (most) relatives and take advantage of the credit.
- As we noted above, don’t bank on another extension. Even with real estate groups lobbying for a third extension, we find this prospect highly unlikely. Opponents of the credit were less than thrilled when the idea was broached late last year to extend it for a second time, so we imagine that they will not look favorably on a third go-round.
See other articles related to: federal tax credit, home buying
This article originally published at https://dc.urbanturf.com/articles/blog/federal_tax_credit_38_days_left/1904.
Most Popular... This Week • Last 30 Days • Ever

The redevelopment of Mazza Gallerie is nearly complete.... read »

While the buildings at The Wharf are generally all finished, there are still a couple... read »

The DC region has yet to see a surge of new listings hit the market in the face of fe... read »

Approximately 34% of renters in the DC region are looking for rentals in other metro ... read »

Hoffman-Madison in talks to sell a portion of The Wharf; demolition of BLM plaza; and... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro