The first time homebuyer tax credit is set to expire November 30th 2009.
With closing timelines stretching upwards of 30 days, lenders, appraisers, and title companies will be swamped with last second buyers trying to squeeze in!
Anyone still interested in taking advantage of the $8000 tax credit and low interst rate environment, should take action NOW!
Definition of 1st time buyer: The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
Who is eligible: First-time home buyer spurchaing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
Type of home: Any home that will be used as a principal residence will qualify for the credit. This includes single-family, attached homes such as townhouses and conndominiums, manufactured homes and houseboats.
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