$8,000 First-Time Home Buyer Credit Expires Soon

The Tennessee Association of Realtors made a pretty cheesy, yet surprisingly informative animated video to help us understand the $8,000 first-time home buyer credit. This video touches on how to qualify for the tax credit, who qualifies, how the credit works and how you apply the tax credit to get cash back.

Unless the tax credit program is extended by Congress, and I hope it is, a homebuyer is eligible for the tax credit only if the home is “purchased” before December 1, 2009. That means that you have to find a house, complete a contract, satisfy any contingencies, secure a mortgage and go to closing by November 30th. Accomplishing those tasks by November 30th will become more difficult with every passing day. In today’s market, it generally takes between 30 and 45 days to go from contract to closing and that’s assuming you have found the property you wish to purchase.

You have 55 days left in order to qualify for the $8,000 home buyer credit

Under this program you can buy a house, condo, townhome, co-op or even a houseboat. I obviously specialize in the Nashville condo market. Downtown, Midtown, Green Hills and West End are specialties, but I also do quite a bit of work in Brentwood, Cool Springs and Franklin. If I am not an expert in the area in which you wish to purchase, I will point you towards the person who is that area’s expert. Let me know if I can help.