The $8000 tax credit is ending soon if it is not extended.
Across Georgia, many first time homebuyers have been able to take advantage of the 8000 tax credit for new home buyers and if you have been thinking about buying a home, you probably need to start the process. The process of buying a home isn’t one that only takes a few days – many times it can take multiple months – which means if you start now, you will still have enough time to make sure your loan is closed by the December 1, 2009 deadline.
The $8000 tax credit program is scheduled for termination as of December 1, 2009 – and unless it gets extended by Congress, in order to qualify for the $8000 tax credit, you must close on your home by this time. If you think you still have “plenty of time and not to worry…” consider this:
- Due to current market conditions, houses in the sub-$300k range are getting multiple offers – which means you may need to “bid” on multiple properties before “winning” one.
- It “normally” takes 30 days to get your financing arranged once you have a sales contract.
- According to the IRS, you must actually close on the home home for it to be considered occupied and qualified for the credit.
Will Congress Extend the $ 8000 Tax Credit?
Maybe.
But it probably isn’t very wise to risk it — after all, you can be sure of getting the credit now or you could wait until January and “see what happens”. Our best advice is to act fast. I don’t remember the last time that Congress actually did something that made any sense!
