The $8,000 first time homebuyer tax credit has been a big help to homebuyers this year. Although I don't recommend buying a home because of the tax credit, I think its a good idea to put the gas on your purchase if you've seriously been contemplating a home purchase independent of the tax credit. The last day you can buy a home (i.e., keys in your hand, not just putting a contract on a home) is November 30th . Assuming it takes 30-45 days to close on the mortgage financing, you need to have a property under contract by mid-October, which means you need to begin your search like, NOW!
You can actually amend your 2008 tax returns after you purchase your home to receive the $8,000 tax credit quickly after closing, assuming you meet all the criteria to qualify. However, if accessing the tax credit after closing puts you in a Catch 22 because you need the funds to purchase the home, here's a solution for you: a 90-Day Down Payment Assitance Loan.
This program is intended to allow the consumer take advantage of recent legislation by receiving a short term loan prior to filing for and receiving the federal first time homebuyer tax credit.
I've included additional details on the program to the right.
If you have any additional questions on the 90-Day Down Payment Assistance Program, don't hesitate to call me. I can answer your questions, as well as prequalify you for the program and a mortgage.
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