Today I was asked - when does the Tax Credit run out for 1st Time Home Buyers? They wanted to know if it was the end of year or the end of November. They also wanted to know if it was "Under Contract" or "Sold" ?
Well here are the answers: (from:www.federalhousingtaxcredit.com)
Who is eligible to claim the tax credit?
First-time home buyers purchasing 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.
So: you have just over 5 months to find a home and complete the sale; in order to be able to use the tax credit (other restrictions apply - see the website).
Keep in mind: Lenders are having issues closing loans in time. I would not advise trying to plan on closing the last week in November. If you want to "wait until the last minute" - I would plan on closing no later than mid-November.
Happy Home Buying !
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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This was timely information for me. The question came up this afternoon about the expiration date. Thanks.