If you are thinking about buying a home and are still on the fence, you better get moving. The Deadline for The Home Tax Credit is Drawing Near.The deadline for getting a complete and signed offer is April 30th, 2010, only eight weeks away. The deadline for closing is June 30th, 2010. I would advise getting an offer in much sooner than that.Things happen...
It used to be that you could close in as little as 45 days. In some case you may still be able to do that. But we are seeing time frames stretch further and further apart these days. You really need to allow more like 90 days, as a 'just in case' scenario. That means getting an offer in about 4 weeks before the offer deadline.
I would say that this is definitely THE best time to buy. Interest rates are still low, home values have dropped about as low as they can go, and if you meet these deadlines, you will get money back from the government, if you qualify.
Are you wanting to buy but have not heard about the tax credit? Here are some facts for you.
If you are a first time buyer, it is important that you start looking now. There are only 8 weeks left to locate that perfect home and get an offer in.
After closing you can claim up to $8,000 in tax credits. It is 10% of the purchase price. To qualify here are a few rules:
*You have to make under $125,000 for a single person, or $225,000 for a couple.
*You must live in the home for three years, and as your primary residence.
*A first time home buyer is someone who has not owned a home in the last 3 years.
You can find answers to more question by visiting the Federal Housing site.
If you are selling a home and buying another one, you are eligible for up to a $6500 tax credit. The same deadlines apply for repeat buyers as first time buyers.
You can find answers to your questions about repeat buyers by going to this Federal Housing Site.
Call me if you need any assistance. I will give you a free consultation and get you on your way!
Jerri McCombs, Advanced Virtual Assistant
828/553-5190 or info@JerriMcCombs.com