The up to $8,000 tax credit for first time home buyers and/or those who haven't owned a home in three years has proven to be a great success. Time, however, is running out. The tax credit is only available to those who close by November 30, 2009.
In order to take advantage of the tax credit, a buyer wanting FHA financing will need to have their accepted offer to purchase into their lender by mid to late September to be assured that their financing will be in place in time. Currently, FHA financing is taking up to six weeks. In the fall, with the probable increase in volume, FHA financing could take up to eight weeks or more. Those using conventional financing, however, will probably have a little more time.
Finding the right home for you may take some time. It may be a buyer's market in some areas but remember, there are many other buyers looking for homes too. Once you find a home, there may also be a delay if you encounters inspection issues that need to be resolved. It can be difficult to get a good contractor this time of year.
If you are thinking of buying a home in 2009 and you are eligible for the tax credit, don't wait. The process can take longer than you think!
Good luck and take care.