Three months left to claim the first-time homebuyer tax credit of up to $8,000

  There's just about three months remaining for first-time homeowner tax credit.  In order to receive the tax credit, buyers need to complete their home purchase and close escrow on their homes by NOVEMBER 30th.  Please keep in mind that it typically takes about 45 days to close on a traditional real estate transaction and short sales may take much longer.  With that in mind, if you are interested in participating in this program you want to get the process started and be pre-approved for a loan no later than the beginning of October. 
What is the first-time homebuyer's tax credit? It is a tax credit of up to 10% of the purchase price of the home with a maximum of $8000.

Who is eligible? First-time home buyers, which is someone who has not owned a primary residence in the last three years prior to purchase.  If you are purchasing a home with someone else, like your spouse, both of you have to meet the requirements as a first-time homebuyer.

Are there income restrictions? Yes.  A single taxpayer's maximum income is $75,000 and the maximum for married taxpayers who file jointly is $150,000.

  If you want to take advantage of the homebuyer tax credit, contact me today!  I would be happy to discuss your situation and develop a plan.