First Time Home Buyer Credit

Credit for First Time Home Buyers Deadline is closer than you think.

Shea Homes recently submitted and article to East Valley Living which indicates that in order to take advantage of the first time homebuyer credit, the home must close by November 30, 2009. This $8000 tax credit will otherwise be lost for 2009 taxes. If you have buyers sitting on the fence you should let them know about this deadline and the potential loss of this valuable benefit. Some information from the original article:

Time is running out for home buyers looking to purchase their first home and qualify for the $8,000 Federal tax credit. According to the National Association of Home Builders (NAHB) first time home buyers looking to purchase a new home in 2009 and take advantage of the $8,000 first time home buyer tax credit, should do so immediately in order to qualify. The Federal tax credit is contingent upon closing the home sale prior to the November 30th deadline. New home buyers must be aware with new construction homes, the tax credit deadline applies to the “purchase” or closing date, not the date the sales contract is signed. Taking into account the time the entire building process takes, prospective buyers looking to take advantage of this tax credit should plan on purchasing their new home no later than May 31st.

Read more about the first time home buyer tax credit or send this link to your first time home buyer clients here: First Time Home Buyers

Thank you,

Bill Austin

http://twitter.com/wbaustin