3 months ago
WASHINGTON (WUSA)-- Less than 30 days are left to get in on the first-time homebuyers tax credit for 2009. Closing a real estate deal can still be done - if you start today.
If you are ready to pull the trigger on purchasing a home and enjoy the $8,000 tax credit you still have time to do so. First things first.
Mortgage broker Dan Caplan from Clark Financial Services says buyers should "contact a mortgage lender immediately and start lining up all your ducks. Get preapproved from your lender," a move that will cut down on the time it takes to close.
Once your paperwork is in place, it's time to become an informed shopper.
Mike Aubrey, host of HGTV's "Real Estate Intervention" says, "You better do your home work. You need to find houses that you know you can get in to at a rapid pace."
Besides traditional home sales, foreclosures could be good for buyers on a tight time-table.
Aubrey says, "The reason I like foreclosures, especially if you are in a rush to get in on the first-time homebuyers tax credit, is no one lives in those properties. As quick as you can get a loan done and the title work done, you can close and get the keys to your house."
To qualify for the $8,000 first-time homebuyer tax credit, buyers need to sign on the bottom line by Nov. 30.
If you aren't ready to be a buyer just yet, Congress is working on a extension to the tax credit. The new measure would change the current deadline to close to April 30th. Also, if you have owned your current home for at least five years and buy a new home, you could get up to a $6,500 tax credit.
Written by Jessica Doyle
9NEWS NOW & wusa9.com
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