In The News
$8,000 First Time Buyer Tax Credit
August 28, 2009 by Don Davis · Leave a Comment
Don Davis Ph:360-652-9994 email:dond@htlnw.com
It is unclear at this point as to whether or not the Federal Government will extend the $8,000 first time buyer tax credit. So as far as any of us are concerned we have to believe that it will come to an end on the 30th of November 2009.
With that said, you should be mindful that if your home purchase is not completed by then you could be in jeopardy of not receiving it at all. That really only leaves about a month and a half to find the home you want so it will close in time. If you are purchasing FHA/VA or conventional it takes about 45 days to close a transaction from the time the Purchase/Sale agreement is mutually accepted. If you are buying USDA/Rural add about another 30 days on top of that because the USDA/RD regional office is that backed up with applications.
The $8,000 tax credit is for first time buyers as defined by “if you have not owned a home in the last three (3) years.” It doesn’t matter how many you owned prior to that it is just the last three.
So, cowboy, if you ‘er a lookin to git that house ‘fore the deadline, git on yer horse and ride. In other words you better “Git ‘er done.”
Feel free to contact me with any questions or comments.
Don
