$8,000 Federal Tax Credit Hammer Coming Down for San Antonio Home Buyers

Rapid Read Summary:

The tax credit deadline is November 30, 2009.
There’s no time left to build a new home.
There’s very little time left to contract to purchase a home using a mortgage loan.
There’s still time to purchase a home with cash.
An experienced Realtor® might be able to help beat the deadline.

For most first time San Antonio home buyers (and for those not owning a home in the last 3 years), the hammer is coming down too soon on the opportunity to take advantage of the $8,000 Federal First Time Home Buyer Income Tax Credit Program.

The program’s deadline for closing on a home purchase is November 30, 2009.

As of 10 October 2009, with only 51 days left, there’s no chance for a home buyer to have a new home constructed and completed by 30 November.

Using a mortgage loan, it takes an average of 45 days to do everything needed to close on the purchase of a resale home. Consequently, some lenders and title companies are already telling home buyers that it’s unlikely they can successfully close their purchase by November 30 unless the’ve already filed an executed purchase contract at the title company and are well into the loan approval process.

A cash buyer can usually expect to close much sooner than 45 days after executing a home purchase contract; however, every day that goes by without having a purchase contract in hand lessens the chance of closing the sale by 30 November.

If you are eligible for the $8,000 tax credit, but haven’t started your home search, contact us right away. We’ll do everything we can help you beat the November 30 deadline.

We are Stephanie and Randy Kelley, Realtors(R), Keller Williams Legacy, San Antonio. Visit us at sanantoniohomequest.com , phone us at (210) 863-2661 or (210) 867-8743, and E-mail us at swkrealtor@aol.com or kelleybus@aol.com.