If you’re a first time home buyer looking to benefit from Uncle Sam’s tax credit, time may be running out. More than 1.4 million buyers have already qualified for the credit, but there is less than 60 days left until the program is scheduled to expire.
The National Association of Realtors and others are pushing to get some sort of extension, but as of now the program is set to expire on November 30th. If you’re seriously considering purchasing a home in the near future you should keep this in mind. Qualified first time home buyers (those who haven’t owned a home in the past three years) are eligible for up to a $8,000 tax credit (10% of the purchase price up to $8,000) You must close on a home before November 30th, not just be in contract to purchase.
There’s still time to take advantage of this program, but you probably should be in contract within the next few weeks in order to be able to close escrow by November 30th.
Additional information about this program can be found at the IRS’s web site here:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
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