The exciting opportunity for First Time Home Buyers may soon no longer be available, but those considering buying a home for the first time should make a decision before November if they want to receive the tax credit of up to $8,000. In order to be eligible for the credit, a home must be purchased before December 1, 2009.

That being said, we recommend first-time home buyers start the purchasing process no later than early November, as there may be hiccups involving insurance, closing, loan processing, and seller expectations.

If you are still interested in taking the credit, here are a few things to consider to help your decision along the way:

• Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
• If you made an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.
• You can not take credit if: your income exceeds the phase-out range, you buy your home from a close relative, you do not use the home as a primary residence, you sell your home before the end of the year, you are a nonresident alien, you are or were eligible to claim the District of Columbia first-time homebuyer credit, your home financing is from tax-exempt mortgage revenue bonds, you owned a principal residence at any time during the three years prior to the date of purchase.

You can stay up-to-date on Firs-Time homebuyer news as the deadline approaches by connecting via these networks:
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If you do qualify, congratulations! Get in contact with us today so we can help you find the home of your dreams.