$8000 Tax Credit - A Limited Time Offer

The $8000 tax credit for first time home buyers will end on November 30th. If you want to take advantage of this program, you MUST close the purchase of your home by that date. If December 1st comes and you have not closed, you will not get the money.

Of course, Congress could extend the program, but are you willing to gamble on that? That could be an $8000 bluff to call if you are wrong.

There are a lot of rumors floating around about a $15,000 tax credit coming next year, but that is still just an unfounded rumor. If the market is truly now in recovery and sales will slowly start to climb as the "experts" are starting to predict, then why would the government need to give back $15,000 - enough people are already mad about the $8000 program and the "Cash for Clunkers" programs.

If you are a first time home buyer (which means you have not owned a home in the last three years), then the money is waiting right now ... until November 30th.

In the last 2 years there have been many changes to loan processing in the mortgage market and closings are no longer 2 weeks to 30 days. Many mortgage loans are taking up to 45+ days and often 60 days to close.

Right now, we are telling buyers that the safest way to make sure you get in on the tax credit is to be in escrow by October 1st (the 15th at the absolute latest). That means you need to find the home, negotiate the contract, and get your loan application started by the end of this month - yes, it is now September.

We have helped a number of buyers take advantage of this program already. If you need a professional Realtor® who understands the urgency of this process, then check me out on the web. My company is UpwardRealty.com and we can deliver for you in the Greater Chattanooga, Tennessee area. We have some calculators on our site that can help you look at payments for different mortgage amounts.

Disclaimer: I am a Realtor®, I am not a tax advisor, so please check out the $8000 Tax Credit with your accountant or the tax advisor you use. They can fill in all the little details for you, so you understand how it will work for you personally.

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