Time is Running Out on $8,000 Tax Credit
Time is running out for you first time homebuyers or anyone who hasn’t owned a home is three years. The $8,000 that does not have to be paid back will expire on December 1, 2009. Now as I understand it, you have to close on the sale of your home before Dec. 1 to qualify for the tax credit. That means your last day to close and fund at the title company would be November 30th, which is a Monday. Now let’s back that up a little. In order to close by Nov. 30th, you might need a 45 day period to the get the loan and go through the closing process. To get that full 45 days, you need to be under contract on your home no later than October 15th. Time to get moving.
In case you are a little short on cash to cover the down payment, there may be some help from the Texas Department of Housing and Community Affairs. It seems they have a short term loan program that will extend a short term loan to you for most of the $8,000 until you get it back from Uncle Sam. Go to their site at MyFirstTexasHome.com to get all the details.
Now if you are wondering how you get the tax credit and if you qualify, you need to see your own tax professional. The NAHB also has an informative site at www.federalhousingtaxcredit.com
Filed under: Buying, Home Sales by Dwight's Real Estate Update