Thursday, May 14, 2009

Buyers of New Homes Need to Act Soon to Get Tax Credit

Only about seven months remain before the $8,000 tax credit
for first-time home buyers is scheduled to expire, which means that buyers looking for a newly
built home need to make a decision soon if they want to be able to take
advantage of the federal incentive. According to the NAHB, just getting into a sales contract on a new home by the Nov. 30 deadline is NOT sufficient to receive the first-time home buyer tax credit -- you must complete the purchase of the new home before you are qualified. This means that a home buyer only qualifies for the tax credit only when title transfers.

Building a home from scratch takes at least four months sometimes as much as six, and that means that the deadline for buying a home that is built from the ground up is fast approaching. On top of that, there is the time that a buyer spends selecting a community, a builder, a floor plan and the
options they want in the home before anything even starts on the site.

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