A Few Important Reminders About the First Time Buyer Tax Credit

Welcome back!

First, remember that you must close on or before November 30. If you want to take advantage of the $8,000 first time home buyer tax credit, your days are numbered! There is talk about extending the program but, to date, the deadline remains November 30th. Typically you will need 45 days at a minimum to close the transaction, so that leaves you with less than 30 days now to find your property, negotiate and get a signed contract.

Also, some people I am talking to are not aware of the definition of “first time buyer” for this program. First time buyer is defined here as “anyone who has not been on a mortgage for the past three years”. So although you have been a homeowner in the past, you may still qualify for the tax credit.

For accurate information on how this program applies to you, talk with a reputable lender. Instead of general statements, your lender can talk with you about your specific needs and how this program will work with your home purchase.