Time To Cash In On Tax Credit Running Out
Time is running out to take advantage of the $8,000 First-Time Homebuyer Tax Credit. In order to receive the tax credit, buyers have to purchase their home before (not on) December 1st 2009.
Remember, to qualify for up to $8,000 in tax credit, you need to be considered a first-time homebuyer. For purposes of the tax credit, a first time homebuyer is someone who has not owned a home in the 3 years prior to this purchase.
Due to increased underwriting and appraisal regulations, lender’s now need 45 days from contract acceptance to close (in most situations). That means that you will need to be under contract by the middle of October. As we are nearing the middle of September, the time that it takes to shop, locate, negotiate and pass inspection for a home is getting narrow.
For additional information about the tax credit, and for help putting your dreams of home ownership in motion, please contact me as soon as you can. Even though there’s a possibility that the tax credit might get extended beyond the current deadline, why take the chance?
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