Barring any last minute extension, the deadline is looming for the First Time Homebuyer federal tax credit. At this point, a purchase must close and fund by Nov. 30, 2009 in order to qualify.
Lenders will be cutting off applications soon, to ensure being able to close and fund by November 30. In reality, Weds. Nov. 25 is the last business day prior to Nov. 30. Thanksgiving holiday weekend runs Nov. 26 - Nov. 29, and many attorney's and involved parties (i.e. HUD-1 approval on reo sales) will be closed. In addition, applications/closings are anticipated to increase during this time period.
Remember the key points - this only affects buyers trying to qualify for the tax credit:
1. Purchasing a primary residence.
2. Buyer or spouse has not owned a primary residence in the past 3 years.
3. Single borrower annual income cannot exceed $95,000 for partial credit - cannot exceed $75000 for full credit. Married $170,000 for partial or $150,000 for full. For more details check out: http://www.federalhousingtaxcredit.com/2009/faq.php or the IRS website.
We need accepted offers & contracts very soon (short-sales cannot be guaranteed to meet deadline).
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