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The deadline for the first-time homebuyer tax credit is November 30th.  If you are one of those first time buyers, who has not bought a home yet, it’s getting to be crunch time.  You need to find a home, secure an offer, get the mortgage process going, and close before the deadline to get the $8000 federal tax credit.

The current administration is evaluating whether to extend the deadline, but unless the extension is granted experts say that you have about two to three weeks to get it done.  The challenge is that there will be many trying to meet the deadline and the process could get over loaded.  Getting the inspection done, the appraisal completed, and the underwriting accomplished can take 45-60 days.  That means you can’t delay any longer.  Make your housing choice and offer now.  The market is unusually busy for this time of year.  Normally the market begins to slow down, but recently it has heated up.  The demand has been created by this stimulus.

The tax credit is good for 10% of the home’s value up to $8000.  The income limit for single taxpayers is $75,000.  The limit for married taxpayers filing jointly is $150,000.  You can go to the IRS web site for more information.

It was predicted that 300,000 sales would occur due to this program.  The National Association of Realtors estimates that 1.1 million first-time homebuyers had taken advantage of the credit as of August 31st.  The momentum has been building each successive month.  So it’s not surprising that there could be a system over load in the next 45-60 days.  Give yourself at least six weeks to process the loan and close on your new home.

Keep in close contact with your Realtor and follow their guidance.  They will be invaluable in helping you get this accomplished.

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