8k Credit for First Time Home Buyers

Time Is Running Out

You've heard it said many times that if you can afford to purchase a home, "it's always the right time to buy," regardless of the market. Now, however, first-time home buyers actually have extra reason to consider home ownership: lower prices, anxious sellers, reasonable interest rates and best of all, an $8,000 tax credit if the home is purchased by November 30, 2009.

The tax credit creates a near perfect opportunity for first-time home buyers. Who qualifies? How does it work? Here are a few frequently asked questions and helpful sites with more information from the National Association of Home Builders:

• A "first time home buyer" is any person who has not owned a principal residence in the past 3 years prior to the purchase.
• To qualify the sale of the home must close by November 30, 2009.
• In Hawaii, it will typically take 60 days to close a sale, if all goes right. Make sure to give yourself a good buffer, just in case things come up to push it back.
• The tax credit can be applied to your 2008 or 2009 tax returns.
• Any type of home qualifies for this program, even newly built ones!

For more in-depth information about the $8,000 credit, visit this NAHB sponsored site. Don't think you qualify to purchase a home right now? You'd be surprised! Don't miss this opportunity.

To begin your property search or find a real estate professional who can help determine what price range you qualify for CLICK HERE .