After showing a few houses in Chambersburg, PA this past week, it dawned on me that there are many first time home buyers that still don't understand the "First Time Home Buyers' Tax Credit" being offered under this year's Federal Government's stimulus program.
As an example, I was showing a lady, who was much my senior, a home that would be perfect for her. When I mentioned the tax credit to see if she thought she was eligible she said, "I did own my own home some years ago. So, NO - I'm not a first time home buyer." She did not understand that to be considered a first time homebuyer you only could not have owned a home for the last three years.
But time is running out. Unless the current incentive is extended, a buyer will need to have settled on their new home by November 30th of this year to take advantage of the tax credit of $8,000. And since it does take several weeks to process a mortgage, as we say in the industry, TIME IS OF THE ESSENCE!