Time is Running Out for Homebuyer Cash and Credits

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CLEVELAND, OH (WOIO) - Friday is the deadline  to get money back on a new home and if you hurry, you and the seller can benefit.

The First-Time Homebuyer Credit is about to expire, but it's not too late to take advantage.

The buyer can get an $8000 and a $6500 tax credit is available to home sellers.

The $8000 goes to  first-time homebuyers.

They are defined as anyone who hasn't owned a home in the past three years, and the $6500 credit is for anyone who has owned the same home for the last five years and replaces it.

Realtors say the credits have even spiked new home sales.

The deadline to have a contract in place is Friday and you must close by the end of June.

For more information on the Home Buyer Credit Click Here.

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