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What is the latest to buy a home this year in order to qualify for the 8000 tax credit

  • August 23 2009 - Little Rock
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Answers (2)

We're already being warned by officials at our affiliate title company to NOT schedule closings at the end of November because of the anticipated avalanche of closings in that final week. There's even talk of adding Saturday closings in November to handle the anticipated rush. (Let's hope there will be a rush!).
  • August 23 2009
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In order to take advantage of up to $8000 in tax credits as a first-time homebuyer, you must make settlement on or before November 30, 2009.

You should plan on the mortgage application process taking anywhere from 30 - 60 days. The actual time will vary from lender to lender and from mortgage program to mortgage program. That means you need to find a home and have a signed Purchase and Sale Agreement sometime by the end of September - the end of October at the latest.

A word of caution - if you wait until the end of October, and if a lot of people decide to apply at that time to take advantage of the tax credit program, there's a fair chance you won't make settlement in time to be able to take advantage of the tax credit.
  • August 23 2009
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