I just received a news flash from NJAR with a reminder that there are only 101 days left to take advantage of the first time buyer Tax Credit.

Here is what it said:

The Clock Is Ticking - Encourage First-Time Buyers to Act Now

As of today, there are only 101 days left for first-time buyers to qualify for the $8,000 federal first-time home buyer tax credit. In order to qualify, the transaction must close before 11:59 p.m. on November 30, 2009. The Get the REAL Story^® public education campaign is encouraging prospective buyers to maximize their purchasing power in this unique market, while also being aware of the amount of time needed to complete a purchase before the tax credit expires. Prospective buyers should note that all transactions vary, and there are different circumstances for each person that can lead to a longer buying process.

 So, What does it take to put that Eight Grand in your pocket?  Well you need to be a first time buyer which is defined as NOT owning a home in the past 3 years. You need to have an income of less than $75,000 if single or less than $150,000 if married (phases out entirely above $95k/$170k) AND, you need to buy a home and close before the end of November.

There has been a lot of talk and assumptions that this will be extended, but as of now this credit does not have to be repaid if you live in the home for 3 years. The previous tax credit had to be re paid. 

This is REAL money people!!! If you have a home already make sure your friends and Family know about this credit. (Yes I am yelling, because not enough people have taken advantage!)

The combination of Low Prices, Historically low interest rates and Cash from Uncle Sam  make the purchase of a home more affordable than ever!

Have a great weekend!

Rob

Robert Rauf

Mortgage Banker

www.RobertRaufHomeLoans.com   or my blog: http://activerain.com/blogs/rrauf

(732)223-1630 x102

Since 1987 I have been helping my clients fulfill their dream of home ownership!

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