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
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.