The new homeowner’s credit mentioned a couple of times in my previous blogs expires in about two months. To take advantage of this credit you must actually close on your new house by November 30, 2009. You also must fit the IRS definition of being a new homeowner, which is you must not have owned a home in the three years prior to the closing on your new home.
With the slow pace of mortgage approvals you need to identify the house now and get the mortgage process moving to be able to close by November 30th. We refinanced our house starting in January of this year and did not close until the first week of April. A three month turnaround is not acceptable if you want to take advantage of the credit. $8,000 is a lot of money to lose out on.
See my blog of February 25, 2009 for more information on this credit.
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