Congress, extend and expand the Tax Credit for First Time Home Buyers

The deadline is approaching, that means if you want to claim the $8,000 Tax Credit you must close no later that November 30Th 2009.
If you want to play safe, present your offer no later than October 20 so you close on time, the last two weeks of November are very busy.

Tax Credit for first time home buyers ends in 73 days.

The incentive of up to $8,000 in the from of a tax credit for first time home buyers ends November 30. This means if you are in the market looking for your new home , you need to close no later than the deadline but to be sure no surprises arise due to the holidays you want to close no later than the third week of November, leaving you with just 63 days left from today, September 18.

FHA loans will get you into your new home with just 3.5% of down payment and it allows the seller to pay for some of your closing costs. Cash offers will place you in a good position price wise and will minimize drastically you closing costs. Conventional loans are always welcome but you need 20% or 25% down depending on lender and credit.

Short sales are very unlikely to be your target properties right now, there is no warranty that the lender holding those mortgage will approve your offer and it be able to close within the next 63 days unless a price has been approved.

If you want to take advantage of this credit then you need to have an offer accepted by the seller no later than October 20, 2009.

Contact me or your Realtor to find properties likely to close within that time frame.