The government sponsored first time home buyer $8000 stimulus program is scheduled to end with homes closed on or before November 30th. Traditionally it has taken 30 days from the date of the contract to close most transactions but in the current environment, I suggest you allow 45 days or more. That means if you are planning to take advantage of this program, you need to be under contract no later than October 15th.
There has been much discussion about whether the government will extend the current program or continue it in a modified format. That is all speculation at this point and all we know for sure is the looming November 30th deadline for closings.
Let's review who is eligible for this program:
- First time homebuyers: A person is considered a first time home buyer if he/she has not had any ownership interest of a home in the 3 previous years prior to the day of the 2009 purchase
- Income Restrictions: Persons filing as Single on their income tax are eligible for the credit if their income is no more than $75,000 and married couples filing jointly would be $150,000.
With interest rates near historic lows, this is an excellent opportunity for first time buyers to get out of the rent trap and move to home ownership. The Greenville SC area offers affordable housing and I would welcome the opportunity of working with you to find your new home. Let's get started now before it's too late to take advantage of this program.