First-Time Homebuyer Credit

Prior Law. The first-time homebuyer credit applies to qualified taxpayers who enter into a written binding contract before May 1, 2010 to purchase a principal residence if the closing date on the purchase occurs before July 1, 2010.

New Law. Under the new law, the first-time homebuyer credit applies to qualified taxpayers who enter into a written binding contract before May 1, 2010 to purchase a principal residence if the closing date on the purchase occurs before October 1, 2010.