On July 1 a law went into effect to extend the closing date and federal tax credits for first-time homebuyers to September 30. To be eligible, you must have bought or entered into a contract on a home on or before April 30.
According to Kiplinger Personal Finance magazine, qualified homebuyers can receive the up to $8,000 tax credit more quickly by filing an extended 2009 tax return rather than waiting until next year. Savings go even further as interest rates are at historically low levels. For details about the tax credit, see the Internal Revenue Service website.
