First Time Home Buyer’s Credit Going, Going . . .
Wednesday, September 23rd, 2009The federal government is offering an $8000.00 credit to first time homebuyers. This program will expire on December 1, 2009. Now is the time to act if you want/need the help. You can use the credit as a tax write-off on this year’s taxes. However, you must close escrow by November 30th.
To qualify you cannot have owned a house/condo, etc during the past 3 years. There are income caps and credit hurdles to pass, but most first time home buyers can benefit from this government largess.
It is important to find your next home now and get into escrow ASAP. Most escrows will take 45 to 60 days to close. So, don’t delay! Get pre-approved for a loan with a direct lender and make the all-important appointment with your realtor.
There’s talk of extending the program, but noone is certain. The government coffers are hard-pressed paying for so many bailouts and stimulus plans. So, if you qualify for the $8,000.00 credit, get it while you can.
