$8000 First Time Homebuyer Credit Expires Soon

If you’ve been wanting to take advantage of the $8000 First Time Homebuyer Tax Credit don’t put it off much longer!  You must use this credit by December 1st, but don’t wait until the last minute because you must CLOSE on your new home by December 1st!

Here’s the basics, you can read more in-depth details here.

• “First Time Home Buyers” have never owned a home or have not owned a home for the past three years. Some previous homeowners will qualify.  If you are married, you must both qualify.
• You can now use the $8,000 credit in the down-payment. This was added to this stimulus package after the fact.

Here’s why you need to act soon:
The typical real estate transaction used to take 30 days.  Used to.  We are seeing clean transactions, with over 20% cash down payments and credit scores over 800, taking 60-90 days.  I recommend allowing 3 months for first-time homebuyers if you are depending on the $8,000 credit!

And what does three months look like?
Contact a Realtor® NOW to get your finances
in order because you need to get shopping soon!

I would love to help you in the Austin area or help you find a great agent (not just any agent) in your area through my networks!

Related posts:

1. The New Stimulous 2009 Federal Housing Tax Credit
2. In the News: Get your $8000 Tax Credit NOW
3. It’s Official: Expansion of the homebuyer tax credit JUST PASSED (You Heard it Here First)