September 27th, 2009 
Jennifer Mackay 
That’s the number of days left before the $8,000 federal tax credit for first-time home buyers expires!
If you’re waiting around hoping for lower prices, and have not made an offer on a home you may just miss this wonderful opportunity.
In the current housing market it takes about 45 to 60 days to close on a home from the time you have an accepted offer. Buyers should have their offer accepted no later than mid-October if they’re trying to make the Nov. 30 deadline!
The process of buying a home is neither quick nor easy. Compiling your financial paperwork, applying for a loan, negotiating an offer and signing contracts can take months. And that’s if everything goes smoothly.
Here is some advice on how you can still take advantage of the $8,000 federal tax credit for first-time home buyers.
Make sure you’re liquid
When it’s time to make a down payment, make sure you have enough cash available. Your funds should not be tied up in a stock portfolio, 401(k) plan or other investment that could delay the money by days.
Forget about short sales
A short sale occurs when a homeowner is no longer able to make their mortgage payments and owes more on their home loan than what it can fetch in the current market. If you want to take advantage of the credit, forget looking at short sales, you’ve run out of time.
Don’t go on a shopping spree before you close
Refrain from making big purchases on credit cards before closing on the home and completing the transaction. Big buys can trigger concern because a buyer’s debt-to-income ratio is usually the most important factor lenders use to determine how much they can borrow.
Be aware of closing costs
Each state has its own closing requirements, and first-time buyers should know in advance what and how much they’re required to cover.
Buyers, if you want to take advantage of the $8,000 federal tax credit for first-time home buyers before it expires it is imperative you contact me today.
Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City
“Liked this post? Subscribe to my Panama City Real Estate blog RSS feed and get loads more!”
Posted in 
Tags: 
[...] this new legislation, servicemen and women will be made exempt from the stipulation of the First Time Home buyer’s credit, which requires buyers to occupy their homes for three years following the purchase in order to [...]
[...] this new legislation, servicemen and women will be made exempt from the stipulation of the First Time Home buyer’s credit, which requires buyers to occupy their homes for three years following the purchase in order to [...]