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Can I still get the $8,000 first-time home buyer tax credit?

March 24, 2010

This is a question I’m being asked regularly these days both through email and in person. The answer is that there is still time to cash in on this tax credit, but your window of opportunity is shrinking daily. If you’re not out looking at homes right now you need to be. In order to qualify for the tax credit you need to have a fully executed sales agreement by April 30, 2010. And then you need to close by June 30, 2010.

If you want to take advantage of this first-time home buyer tax credit I strongly suggest you get started right away. It usually takes at least a few weeks to find the right home and then you might not win in the negotiation process. Another buyer could buy the house out from under you causing you to have to start the search again. It is better to get moving today and get under contract as quickly as possible.

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