The first time home buyers tax credit of up to $8,000 is set to expire on April 30th, 2010. The same is true of the $6,500 move up tax credit available to buyers who have lived in the same house for five of the past eight years. Contracts must be written and signed by midnight on April 30th, 2010 to qualify. Closings on those homes must occur prior to midnight on June 30th, 2010 to qualify.

Signs are also pointing to higher interest rates in the near future. The Fed has accumulated a trillion dollar portfolio of mortgage backed securities. They have been indicating for some time that this will not continue. If private investors do not step up and purchase these securities, mortgage loans will get tighter and rates could move up.

Now is the to purchase that new home!!