Clock Is Ticking On $8000 Tax Credit Deadline
The clock is ticking on the $8000 first-time home buyer tax credit. You must close prior to December 1, 2009. This date sounds like a long way off, but there is a lot to do between now and then. First you have to get your financing in order ( 2 weeks), then you have to go out and actually find a home (2-3 weeks), negotiate a contract (1 week), conduct inspections (1 week) and allow for the escrow process (4 weeks). All together, you are looking at about 11 weeks before you will be ready to have keys to your new home placed in your hands. There are now (August 18, 2009) only 14 weeks until the December 1 deadline.
So 'time's a wasting'. Click to get started, request more information or receive a complimentary consultation.
Important Facts To Know:
- It is a tax credit to home buyers, not a loan as in last year's program.
- It is only for first time home buyers, defined as someone who has not had an ownership interest in a principle residence in the 3 year period prior to the date of the 2009 purchase.
- The buyer must remain in the home for a minimum of 3 years.
- It is applicable to purchases between January 1, 2009 and December 1, 2009.
- Full credit is available to those with adjusted gross income of $75,000 or less ($150,000 for married filing jointly). The credit is phased out entirely for those with adjusted gross income over $95,000 ($170,000 for married filing jointly).
If you bought a home last year under the old $7,500 tax credit rules, those rules still apply to your 2008 home purchase.
