Posts Tagged ‘tax credit deadline’

There’s still time

April 26, 2010

It seems many potential buyers are not aware of the “fine print” details of the current tax credits for buying homes (either as a first time home buyer OR repeat buyer). Most believe that it is too late to take advantage of the tax credit since it comes to an end this Friday (end of April). That is definitely NOT the case!

Home buyers only need to be under contract by the end of April, then they have another 60 days to complete the purchase. That means buyers still have all week to find a home and get under contract!

Bottom line – if you haven’t given it much thought, have been sitting on the fence, or unsure of what to do, don’t worry, you do still have some time. Just get under contract by the April 30th because 60 days is MORE than enough time to work with a mortgage consultant to complete the purchase.

Here today…

April 8, 2010

The deadline for the tax credit is fast approaching. If you haven’t started the process, don’t worry, there is still time!

Unlike the first go around, you do not have to be closed by the deadline – you only have to be under a binding contract by the end of April. You then have 60 days (end of June) to complete the purchase.

This is ideal for all of those fence sitters out there! ūüôā

For more details on the tax credits, check out this previous post. Some quick points:

  • First time home buyer (or not owned a home in 3+ years) tax credit of $8,000 extends through April 30, 2010. Home must be under contract by that date and closed on or before June 30, 2010.
  • A ‚Äúmoving up‚ÄĚ tax credit of $6,500 is available for current home owners buying a new primary residence.¬†¬†To qualify, home owners moving up¬†must have lived in their current residence for¬†5+ years at the date of the binding contract to buy the new home.

If you have ever thought about buying a home to earn one of the tax credits, it isn’t too late to get started. Begin by talking with a mortgage professional, then find a home.

The tax credits are here today, but won’t be for much longer.

November 30, 2009 – don’t be late!

July 28, 2009

The $8,000 tax credit for first time home buyers comes to an end on November 30, 2009.¬† Buyers looking to take advantage of it must have the purchase of their new home completed on November 30th… not in process, not loan approved, and not cleared to close… completed, done, finished… you get the idea.

I know what you are thinking, “it’s still July. There’s over 120 days until then.” Yes, it is indeed July. I can’t argue with you there.¬† That said, think about these two things.

  • If you give yourself roughly 30 days to find a home about the same amount of time to get a loan and close on the home, that is¬†roughly 60 days.¬† Now all of the sudden, there are only¬†about 60 days to spare.
  • Think about how many people are going to “jump off the fence” and want to buy a home¬†to take advantage of the tax credit before the end of¬†November?¬† Realtors will be pressed for time… Underwriting times will lengthen… Closing times with attorneys will be harder to schedule.

I am advising all of my first time home buyers to be ready to close (house found, under contract, and loan approved) by the end of October 2009. If there is a delay for any reason, you would still have 30 days to get it resolved.

It won’t be an easy process to find a home, get under contract, and buy the home if you start the process in late October or November 1st.¬† Don’t be like this guy, who is always running late!