$8,000 1st time home buyers credit for home buyers

There are about 60 days left for a first time home buyer to buy and close on a home and still collect the $8,000 federal tax credit. If you are eligible & plan to take advantage of this windfall, you need to be to accomplish all this and be in the house by November 30 2009.

Reality check #1: Human nature being what it is, a lot of eligible buyers will wait until the last minute. Let's make sure you understand what must occur in this critical "last minute". First of all, November 30 falls on the Monday after Thanksgiving. So.... for all practical purposes you really want to be closed no later than November 23. Anything later than that will insure that you will experience "hyper-stress".

The definition of closing means that your chosen closing attorney was able to recieve in a timely manner your sales contract (probably 30 days ahead of the anticipated closing date) and deposited funds from your lender into his/her escrow account by the agreed upon closing date. Your attorney will have needed to conduct a good title search to insure you receive clear title.

You should have resolved any inspection issues and paperwork/financial issues that your lender requires as well or...your chosen lender will NOT release funds to your chosen closing attorney. Remember the golden rule when dealing with your lender. They have the gold/money you want, so you must follow their rules.

Reality Check #2: For planning purposes, you should be under contract by October 23, 2009. In order to meet this planning date, if you want to start looking for your next home and not be rushed, you have about 90 days.

Reality Check #3: Interest rates are near record lows now - 5% on a 30 year mortgage and it is a buyer's market. Conditions for buying may never be better!

If you are eligible for this $8,000, start your serious search now. Please let us know if we can be of help should you decide to buy!

Let me know if I can help. Charlie@FtJacksonOnLine.com
RLTW!!