Sunday, August 30, 2009
First Time Home Buyer Tax Credit-Crunch Time!
Many first time home buyers are aware of the tax credit of up $8000 available to them. If you haven't heard about this great program you can check it out here! http://www.federalhousingtaxcredit.com/2009/index.html
It seems like we still have plenty of time to take advantage of this credit but we really don't! Now that we are into Sept. home buyers should try to find the home they want soon or they may lose out on this opportuntity! Most homes take a minimun of 30 days to close and we are finding out on a daily basis, they are taking 45-60 days for some loans.
If you have been considering a short sale or distressed property purchase and you want to take advantage of the credit, you may want to talk to your agent about the time line on these sales. Many short sale homes are taking anywhere from 30 days to 3 months just to get approval so this may not be the best option if you are trying to take advantage of the tax credit.
Now is the time to get busy! Good luck with your search and feel free to contact us if we can help!
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Many may not perceived it but it is actually the best time to purchase a new home because of the advantages it offers such as lower price, lower interest rates, tax savings, more choices etc. So instead of wasting money in renting a place, buying something that can be an equity is far more better option.
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