Still thinking this isn’t the time to buy a home despite the low prices and the high availability of both newly-constructed houses and foreclosed homes? If you’re a first-time home buyer with some money to spend (or at least have the job security), you might also be losing out on the $8,000 tax credit.
The credit provision was made available as part of the economic stimulus package. The credit is basically up to $8,000 or 10% of the purchase price and applies to those who have not owned a home in the previous three years.
A similar tax credit was made available in the trail end of the Bush administration back in 2008 but the new provision for this year’s tax credit is that you don’t have to pay back the credit. And if you want to avail of this, you need to purchase before it lapses on December 1.
The thing is, you can’t simply just walk up to a house with your cash (if you have something that big to spend on one go), it takes 90 days to close on a house after contract signing. That means the clock is really ticking on this thing.
Source: CNN
