Do You Want $8,000 and a Home?

This credit should really be called "it's been a while" home buyer credit. You qualify for this money if you have not owned a principal residence at any time during the 3 years prior to your purchase date and meet some other guidelines

Frequently asked questions:

You only have until November 10th to have your loan submitted into underwriting if you want the $8,000 tax credit! I really don't want you to be one of the people that funds your loan on December 1st and you missed out on $8,000! Our team is working double time to help people find their dream homes quickly. Our lenders are ready to submit you into underwriting quickly so that you will not miss out! **If you are getting a USDA loan, your deadline is even sooner!

That means you quickly need to do the following if you want this money:

* qualify for a loan
* find the perfect home
* put in your offer
* negotiate your offer
* make sure you have enough money for down payment, closing costs, etc.
* do your home inspection
* have your home appraised
* submit to underwriting
* get loan documents
* sign documents at the title company
* loan needs to fund prior to November 30th

If all the items above do not happen prior to November 30th, you will not get the tax credit. Realtors, lenders and people just like you are trying to get this deadline extended! There have been 5 bills introduced to Congress to extend the first time home buyer credit.

* S.1230: Home Buyer Tax Credit Act of 2009 was introduced on June 10, 2009
* H.R.2801: Home Ownership Moves The Economy (HOME) Act of 2009 was introduced on June 10,2009
* H.R.2606: Home Buying Credit Expansion Act was introduced on May 21, 2009
* H.R.2619: To amend the Internal Revenue Code of 1986 to temporarily expand the credit for the 1st time was introduced on May 21, 2009
* H.R.2655 - To amend the Internal Revenue Code of 1986 to expand and extend the first time homebuyer credit was introduced June 2, 2009

For now, we can either wait and see if the intense lobbying of groups such as the National Association of Realtors and National Association of Home Builders can sway the lawmakers to believe this is a high priority or we can contact our local senator or representatives' offices ourselves!

Senate Look-up
Representative Look-up

I wouldn't wait around hoping that the extension goes through. Contact our team now and let's get started finding you a home! Call us at 469-452-7071 for any questions or to get starting on your home search!