2009 is half over and that means the clock is ticking on capitalizing on the First Time Home Buyer Tax Credit of $8,000! Just a couple key points to remember:
• Home must be your principal residence
• You must live in that home a minimum of 36 months/3 years from the date of purchase
• You must be CLOSED on the home by December 1, 2009.
This last point is key because with the current mortgage industry, the MINIMUM close is 30 days, so that would mean you would have to have to have an accepted contract on a home as of November 1, 2009. Keep in mind this is the BARE MINIMUM date, because you would actually want to write closer to October 15, 2009 to give yourself a couple extra weeks cushion.
So if you are interested in buying a home and getting that $8,000 tax credit, you really should start looking for a home around mid/late September....just a couple months away!
For more information on the tax credit visit: Basic Information from the IRS or FAQ from the IRS
Brad Papa teaches a FREE First Time Home Buyer's Seminar bi-monthly that covers the tax credit and all the other steps necessary to purchasing a home. Click here for more information on the class and register today!
http://www.PapasInTheHouse.com
Click here to view Papa's listings
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