President Obama signed into law the extension of the first time home buyer tax credit. Included in this extension was an expansion of the credit to current homeowners who have owned a home in 5 of the last 8 years.
The extension and expansion allow buyers in the Lake Oroville real estate market, and beyond, to claim the credit as long as you are in a binding contract no later than April 30, 2009 and close not later than June 30, 2009.
And no ,you are not allowed, on May 5th, to back date your contract to April 30th.
Below are links to further information from the National Association of REALTORS® (NAR) on the new rules for the credit. Please take the time to read and understand them as you are ultimately responsible for following the rules. And please let me know if you need any further explanation on how this credit works.
NAR Tax Credit Extension Chart
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