I hate to nag, but unless the government extends the time limits on the First Time Home Buyer Tax Credit, it will expire on December 1, 2009. That gives you only 42 days from today to collect $8,000.00 for free, courtesy of Uncle Sam, either as a tax credit or a tax rebate. In certain cases, you can also apply the anticipated tax credit  toward your home purchase immediately, rather than waiting to file your 2009 taxes. The only strings attached are that your earnings are less than $75,000.00 per year and that you live in your new home for the next 3 years. If you make more than $75,000.00 per year, up to $95,000.00 per year, you can still claim a portion of the tax credit, based on a formula provided by the  American Recovery and Reinvestment Act of 2009. For much more information on the Home Buyer Tax Credit, click here: http://www.federalhousingtaxcredit.com/2009/home.html.

Now I need to stress to you that there are only 42 days from now to find a home and close escrow before December 1, 2009. This is cutting it close, as, due to changing banking regulations, appraisal times for loans are longer, the increase in home sales means that home inspections take longer to schedule, and there are always those little things that can and go wrong during a normal escrow that gobble up days. Not to mention that there will most likely be a glut of last minute escrows during this time that will also slow the process down due to a lack of manpower.

So please, stop waiting! Meet with your Real Estate Agent and your Banker immediately, and start your search for a home right now. Receiving a free $8000.00 from the government will only happen once in your life! Don’t be afraid, take action!