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Time is running out

First of all I am not going to tell you that now is the best time to buy a home. For some it is for others it isn’t but  that’s a much longer discussion.

highlandinsidepages If you are on the fence about buying a home in Williamsburg or Hampton Roads Va realize that the clock is running down on the $8,000 tax credit for first-time home buyers. There is  less than four months to go before the Nov. 30 deadline.

Even though December 1 is still months away, when you add in possible delays to an already lengthy process, those few months start to look like barely enough time to settle a Real Estate transaction. With inspections, negotiations, and new Truth in Lending laws, delays are looking more inevitable than ever.

As a First-time buyer you should also anticipate tighter lending standards that generally don’t allow 100% financing, making you responsible for coming up with enough money prior to closing to meet your required down-payment and closing costs.

What is the Tax Credit for First Time Home Buyers?

Here are two links to the IRS website that asks and then answers all the relevant questions about the tax credit.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

The tax credit is for first time home buyers, if you have not owned a home in over 3 years you are a first time home buyer. You can claim up to 10% of the sales price or $8,000 whichever is the lesser.

Can I Use the $8,000 as my Down Payment?

The State of Virginia has a program available through the Virginia Housing Development  Authority ( VHDA) , that will monetize a portion of the $8,000 tax credit. The VHDA. Click here for more information on that program. NOte this is an income restricted program

Home buyers who may need additional information can find answers to frequently asked questions about the tax credit at www.federalhousingtaxcredit.com or

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