You’ve heard about it…you’ve read about it…but do you know that the tax credit for first time homebuyers expires on December 1, 2009? That means you MUST close on your new home before the deadline. First time homebuyers will be entitled to claim a total tax credit of $8,000 or 10% of the purchase price, whichever is less. The credit is allowed for your primary residence and will only have to be re-paid if you sell your home within two years of purchase. Once you identify a home to purchase, there are inspections, appraisals and legal documents to prepare, that’s why most most closings in Andover and North Andover take forty five to sixty days, so the time to search for your home is now!
For more information about this credit go to the IRS website or contact me for more information on how you can take advantage of this historic legislation!
