Westchester & Bronx NY investment property real estate blog

Westchester & Bronx NY investment property real estate blog

First Time Home Buyers Tax Credit Deadline


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Posted on | November 29, 2009 | No Comments

The first time home buyers tax credit was designed to encourage home purchases and can be worth as much as $8,000 in reduced taxes or added income. This tax credit was a key part of the economic stimulus package approved by Congress in February.  Many first time homebuyers are not aware that the tax credit incentive expires at the end of November.  Some home buyers may understand this is the date it ends, although they do not realize that the purchase, closing, and funding must be completed by November 30, 2009.   Having an active contract is not enough; you must closes on the property.   Many contracts can take up to six weeks or longer.   If a buyer is going through VA or other Governmental programs the length of time can increase even more.  If using a reputable local lender, transactions like we had in our office last week, can take as little as ten days.  Now is time to move forward if you are planning to purchase a home and take advantage of this program!

 

There is some confusion surrounding this government bill regarding the income limitations and the possibility of repayment.  Advantage Realtor Group in Wichita Falls, TX suggests that potential buyers go to the following web site http://federalhousingtaxcredit.com/2009/faq.php  to familiarize themselves with the tax credit. There are over twenty questions with answers at the beginning of this web site.  These will assist in clarifying many concerns.

 

We also welcome a phone call or a visit to discuss this great opportunity.  It is not often that we have first time homebuyer benefits like the current one.  With the interest rates low and incentive programs available it is an opportune time to contact Advantage Realtor Group.  Our agents will be pleased to share additional information with you regarding this and other programs that offer assistance to some potential first time home buyers.

 

We invite you to go to our website WichitaFallsHomes.com, our Facebook page (Advantage Realtor Group), or visit us in person at 2304 Midwestern Parkway, Suite 103B in Wichita Falls, Texas.  You may also call 940-696-3300 where Dee Ann Martin, Broker & Co-owner, Noros Martin, Co-owner or Analisa Allison Realtor will be anxious to assist you.

 

 Remember, it is time to move off the fence today if you want to take advantage of the First Time Home Buyers Tax Credit.  Why would any qualified homebuyer not want to receive this assistance if they qualify and if is it is available?  Do not find yourself a day late and disappointed that you are unable to receive the benefits covered in this program.  ACT NOW!

 

By: Dee Ann Martin
Westchester’s #1 Realtor

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