Time is running out for first-time home buyers (defined as anyone who has not purchased or owned a primary residence in the last three years). The $8,000 tax credit will expire on December 1st of this year- meaning you must have closed on the purchase of a home by this deadline. If you plan on taking advantage of this tax credit, the time is now. Interest rates are low- still below 5.5% and there are lots of homes to choose from.
Many lenders I have talked to expect that there will be a last minute rush to meet this December 1st deadline. They are anticipating that banks will be backed-up with paperwork and this will mean much longer closing times for buyers. A quick closing is 30 days from the time an offer is accepted, but if buyers wait until the last part of October they may find themselves missing out on the tax credit deadline.
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