$8,000 Tax Credit for Home Buyers Nearing Expiration
Be aware that the Federal stimulus for first time home buyers is nearing expiration. As of the end of November any potential first time home buyers may lose a one time $8,000 tax credit. This is not a tax deduction it is an actual dollar for dollar tax credit, you get to keep 100% of it.
If you are not currently bidding on a home and are going into an escrow on or near October 1st, you stand to loose a free $8,000 care of Uncle Sam. A far as the loan process goes, escrows usually take anywhere from 45 to 60 days to close. Unless the government extends the program it is scheduled to eclipse November 30th, so if you are actively looking for a home you may want to put it into high gear. There is talk the feds may extend the program but it may not pass congress. If you would like McFarlin LLP to review any purchase offers, escrow instructions or loan documents feel free to contact us.