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I am not a tax accountant or a tax attorney. The information I am about to provide was true for the previous tax credit. The IRS hasn't published much yet that I can find about the new tax credit, so something could have changed, but I doubt it. The tax credits are valid for new construction with the understanding that the first day you occupy the home is counted as the day you closed on the home. So you would need to have an accepted offer by April 30th of 2010 but then close on the property by June 30th (in the case of new construction - occupy it.)
This is taken directly from the IRS website discussing the first time homebuyer credit: "For a home that you construct, the purchase date is considered to be the first date you occupy the home."
I would keep an eye out on the IRS website, they will post more info soon! Good luck!
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Will the proposed tax credit for existing homeowner's include those building a home?
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