To shop (and close) on a home and still get the 1st time home buyer credit, that is!
The clock is ticking ... and with the new mortgage disclosure regulations, you better subtract at least 30 days just to get your loan closed. So now you only have 80 days left to get your new home under contract!
Just as a reminder, here are a few of the features of the program:
1) Credit is for 1st time homeowners (defined as individuals who have not owned a home in the past 3 years)
2) Credit is equal to 10% of the sales price up to $8,000
3) Single taxpayers up to $75,000 annually and married couples with incomes up to $150,000 qualify for the full credit
4) Home must be purchased PRIOR to December 1, 2009
For more details on this program, visit this website: NAHB 1XHO INFO
To claim the credit, fill out IRS form 5405
Views and opinions expressed on this site are not necessarily those of WR Starkey Mortgage.
Ruth Vogt, Branch Manager
Colorado LMB #LMB100023827
Thanks for the post Ruth,
Sometimes I think the Jehovah's Witnesses have it easy. They don't celebrate Christmas, birthdays, or even Jesus for that matter. But just about the time I start thinking that, I realize that it's the best time of the year for the best reason of the year.
Cameron Novak
Corona Real Estate Agent
The Homefinding CenterTM
Corona, California
951-212-7479
Nice, one usually counts down the days until Christmas. The credit is quite the gift.
AND they might even get the return back in time for the holidays! (Link for the IRS form is included in the blog)