$8000 First Time Home Buyer Tax Credit Video

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Education & Training

The $8000 First Time Home Buyer Tax Credit is set to expire soon and is available for Rural USDA Loans. The deadline to fund your home is November 30th. That isn't even 60 days from today to qualify for the Home Buyer's Tax Credit. The average AZ Mortgage is taking 35-45 days to close. The home search takes about 2 weeks minimum... right? Here are some things you need to know about qualifying for the $8000 First Time Home Buyer Tax Credit with your Rural USDA Loan:

  1. The Home Buyer's Tax Credit is for the First Time Home Buyer only. If you have owned a home within the last 36 months, you are not a First Time Home Buyer.
  2. The Home Buyer's Tax Credit has income limits. $95,000 for single filers and $170,000 for joint filers.
  3. The amount of the $8000 First Time Home Buyer Tax Credit is the lesser of $8,000 or 10% of the purchase price.
  4. The purchase must be an arms length transaction, meaning that the buyer and seller cannot be related.

Here is an enlightening and entertaining video on the $8000 First Time Home Buyer Tax Credit that my colleague from Portland Oregon, Dustin Hughes at Northwest Mortgage Advisors, put together. Please watch and leave a comment! To find out how much USDA Rural Home Loan you qualify for today, click on the Get Started tab at Rural USDA Loans or click here. Apply online for a Rural USDA Tucson Loans and get pre-qualified today.

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Rainmaker
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Kent Simpson
Realty One Group Mountain Desert - Tucson, AZ
Real Estate Is About People

What kind of timeframe can one reasonably expect from a USDA loan now - from contract to close?

Oct 20, 2009 02:02 PM #1
Rainmaker
62,049
Paul Dunn
Tucson, AZ
former orginator

Hi Kent - USDA timeframes will vary from state to state.  I have friends in Oregon who tell me the RD wait is 2-3 weeks.  Here in Arizona the wait at RD is only about 48 hours.  I did have one that got the RD Guarantee in only 1 hour a couple weeks ago...  That doesn't happen very often. 

The first thing in the process is underwriting, and because we are getting a lot of overflow from lenders who have stopped doing USDA until the USDA funding is back in place the UW time has lengthened from the typical 2 days to about 7.  Once the approval is in, the file will be sent to RD for the guarantee, which is taking up to 48 hours.

Docs are same day.  Funding is usually next day, provided the seller signs the paperwork in a timely fashion.

Oct 21, 2009 06:01 AM #2
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Rainmaker
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Paul Dunn

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