$8,000 First Time Home Buyer Tax Credit- Available until 12/1/09

For a first time home buyer or anyone who qualifies who has not owned a home in 3 years, it sounds too good to be true.  But it is!  The tax credit is cash to you on next year's return, or you might amend this year's return.  As always, check with your tax advisor or attorney if you have any questions on whether you qualify.  You must close on or before 12/1/09. If you have not started the process I can connect you with great lenders, tax advisors and of course- a great Realtor (ME). 

A few myths- you can use this tax credit as your downpayment. In May, the National Association of Realtors reported that some FHA lenders are allowing you a bridge type of loan to use the credit as closing costs. This has not been perfected and all of the lenders we've spoken to say it just isn't feasible because you'd only get $5,000 of the credit instead of the full $8,000.  For more information and the full scoop go to:   http://www.federalhousingtaxcredit.com/2009/home.html

Don't miss this great opportunity!