Rush for $8000: First time home owner tax credit expires in 2 months

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It's getting to be crunch time if you're hoping to buy your first home and get $8000 for doing it. That's because the federal housing tax credit expires December 1. But, it's a chunk of cash one couple says might just be worth the rush.

The kitchen is Mike and Chloe Major's favorite room in their new home; it’s the place where they spend most of their time. But, before this spring, they spent a lot of their time searching.

"I’d been looking for almost two years," Mike says.

The promise of $8000 certainly sped up the process.

"The $8000 is huge especially when you're our age and that's where a lot of first time home buyers are these days. It's hard to afford a house by yourself," he says.

"It’s a tremendous opportunity. It's the government gifting somebody $8000," says David FitzGerald, president of the Realtors Association of Northwestern Wisconsin.

FitzGerald says he's surprised more people haven't taken advantage of the first time home buyer tax credit. But, he also says there's still time.

"Typically you're looking at about a month of processing time,” FitzGerald says. “You don't want to really cut it to the very end because things can happen, closings can get delayed."

Another reason not to wait: Fitzgerald says you never want to rush into a decision as important as your first home. Something the Majors definitely agree with. But, they also know it's is nice to bank on that extra cash.

"We saw this one and we just knew it was it,” Mike tells us. "It's a huge responsibility knowing you're going to be able to pay for it so that $8000 for us is a great buffer in case something goes wrong.”

As for the rumblings of an extension, FitzGerald says both the National Association of Realtors and the National Association of Home Builders are pushing for one and an increase. But, he says you can't count on either so if you really want it, now's the time to buy.



 
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