We are down to just weeks left to take advantage of a free 8 grand, just for being a first time homebuyer, or for not owning a home for the past three years and have an adjusted gross income of less than $75,000 or $150,000 for married couples. The program phases out for individuals that make between $75,000 and $95,000 and married couples that make between $150,000 and $170,000.

The credit applies to first-time homebuyers that will be using the property as their primary residence. It works as a true credit on your taxes filed for 2009 for 10% of the purchase price, not to exceed $8,000.  For example, if you normally receive a $2,000 refund, now you will receive $10,000.  If you usually pay in $2,000 each year, then now you will get a $6,000 refund.

These homes must be closed no later than November 30, 2009 to receive the credit. If you close on December 1st, sorry no credit. With November 30th falling on the Monday after Thanksgiving, plan to close no later than the week of the 23rd to allow for last minute delays and issues. It is now taking lenders between 30 and 45 days to process loans, so we are running out of time.

Many people have called or emailed me on the prospects of extending the credit. At this time, I know there are talks of it, but I'm afraid by the time they decide and vote, it will be too late. What I do know is that you can get it for sure NOW, we have historically low interest rates NOW, and great deals on homes NOW. Even if it does get extended, having all these other benefits are questionable, so the time to buy is NOW!

I plan on working evenings and weekends to help my clients find the home of their dreams and receive the credit. If you need help finding a home, please call my cell at (507) 351-6292 or email me at Larry@Kaduce.com and I'll get you in the schedule.