1 Aug
First Time Homebuyer Tax Credit- The Clock is Ticking!
Posted by Alice  |  Homebuyer Tax Credit

I just wanted to post a quick reminder for all first time homebuyers that the federal tax credit deadline is fast approaching.  The official date is December 1st, 2009.  However, the closing purchase must be completed prior to this date.  This makes November 30th of this year the last date that a home purchase closing can take place to qualify for the tax credit.  Additionally, with a traditional 30 day closing period, it is important to note that an offer on a home must be accepted by the end of October in order to have a good chance of making the deadline on time.

Additionally, as of May 29th of this year, the U.S. Department of Housing and Urban Development announced that buyers would be able to use the first time buyer tax credit as a down payment or towards closing costs.

Although there is continued debate as to whether or not the tax credit will be extended, it would be a better bet to take advantage of the tax credit prior to current deadline, just in case it is not extended.

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