How Much Time Do First Time Buyers Have to Take Advantage of The Tax Credit?

Are you a first-time buyer planning on purchasing a home this year to get the up to $8,000 in tax credits?

Well, if you have just been "just looking", the time has come to get serious. Lenders are taking from 45-60 days to fund loans for closings on purchases. This means that if you plan on buying a home before the December 1st cut of date you need to have a game plan.

All the lenders I have talked to are expecting a last minute surge in loan applications to meet the first-time buyer deadline. This surge in applications will mean delays in closing times for all buyers. Based on the current 45-60 day closing periods, first-time buyers need to: have found the right house, negotiated the offer, and applied for their loan no later than October 1st-15th to meet the December 1st cut off.

September 1st is next week! So, first-time buyers have about a month to find the right house, negotiate an offer, and get the house under contract. The clock is ticking and the deadline is fast approaching.

Call a Realtor today to get started! Don't have a Realtor? I have relationships with agents nationwide and would be happy to refer you to an experienced agent, call or email me.