Less than 15 days for First Time Home Buyers

If you are looking to purchase your first home (or your first home in 3 years) and you want to take advantage of the free $8,000.00 your time is running short.  Due to many changes in the mortgage world, like the new Truth-In-Lending Protections, loans are taking 45 days to close.  That means that you must make an offer on a house and get it accepted by October 15th of this year in order to qualify for the $8,000.00 tax credit.  That is assuming that nothing goes wrong during the 45 day escrow period. 

To qualify for the first time home buyer credit you must:

• not owned a home as a primary residence within the past three years
• be in the home (close on the transaction) by November 30th, 2009

I advise you to talk to your accountant for all the details regarding this Credit.