There is only about three more weekends worth of house hunting left for first time buyers to get their hands on up to $8000 of tax credit incentives for real estate purchases. Reason being, that with the increase in underwriting regulations, lenders are now requiring up to 45 days to close from acceptance of a contract.
Yes, there’s a chance that the $8000 Tax Credit will be extended beyond the Dec 1, 2009 deadline, but why take the chance of missing out? If you’re on the fence or are considering a home purchase for the first time, take a few minutes to look through Austin homes and condos for sale using our Search page. If you see something you like, send us an email or complete the Contact Us form.
A few quick rules about the $8000 Tax Credit:
- Up to $8000 or 10% of your home purchase, whichever is lower.
- First Time Home Buyer is defined for the purposes of the tax credit as those who have not owned a home in the past 3 years.
- Income restrictions apply.
- You must keep the home for at least 3 years. If not, you have to pay back the Tax Credit amount received.
- Foreclosures, HUD and REO Homes do qualify for the tax credit. If you’re looking for a fixer-upper AND are a first time home buyer, this is a wonderful opportunity for you.
For additional details, please contact us and we’ll talk about your options.