On November 31, 2009, the First Time HomeBuyer Tax Credit will expire. What does that mean to you?
You will have missed out on the Federal Government issuingyou a check for $ 8,000 if you don’t close your home purchase by then. If you qualify, don’t leave that 8,000 reason check on the table.
Besides having to qualify for the home loan, here are the guidelines to receive this $ 8,000. A first time homebuyer is one who hasn’t owned a home in the last three years and makes less than $ 75,000 if single, $ 150,000 if married. And once you do close on your home, you can amend your 2008 tax returns. You don’t have to wait until you do your 2009 tax return. Asweetdeal!
Since November 31, 2009 is the deadline to close on your new home purchase, start the process now. No longer will you be able to close on your home purchase within 30 days. The new Home Valuation Code of Conduct (HVCC, May 1, 2009) and Mortgage Disclosure Information Act (MDIA, August 1, 2009) passed by Congress has added another 15 to 30 days to the home mortgage process.
Start now by contacting a Loan Originator/Certified Mortgage Planning Specialist to be qualified prior to looking for your first home. By knowing what you can qualify for, what your estimated closing costs, what type of loan and monthly payment will be, you have put yourself into a better bargaining position.
Home sellers are stillwilling to negotiate on purchase price and assist you with your closing costs. This is good news for the first time homebuyer. It means a better price and less money to purchase your first home. And don’t forget about that $ 8,000 Federal Housing Tax Credit. You might just end up with moneyin your pocket.
Don’t wait! The recession is loosening its hold on our economy. Unemployment claims are coming down. Existing home sales have been up for the last 5 months. Housing inventories are going down. Home values are starting to stabilize.
Be one of the smartones. Starting now will enable you to be celebrating your Thanksgiving holiday in your new home. And maybe over that long weekend, putting up your first strand of Christmas lights as you prepare for the start of the holiday season.
To further assist you, here’s some more information on the Homebuyer Tax Credit.
To learn even more about the First Time HomeBuyer Tax Credit and the mortgage process, go to http://www.mooremortgagesolutions.com. Betsy Moore of Axia Financial “The Moore Mortgage Solution” is the person to call when you want concrete solutions to your mortgage needs. Not only does she have over ten years in the mortgage industry, Betsy was also an underwriter for three years giving her an unique prespective on how to get your loan approved. She is a Certified Mortgage Planning Specialist which requires yearly testing on various and different aspects of being a mortgage planning specialist. Betsy’s blog, Mortgage News contains up-to-the-minute information about mortgage interest rates and credit market news as well as up-to-date information on the fast-changing guidelines in the mortgage industry. You can find her blog on her website under Mortgage News. Or you may wish to follow her on Tweeter @mmtgsolution