The Clock Is Ticking on the $8000 First-Time Home Buyer Credit

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If you are a first-time home buyer hoping to take advantage of the $8000 tax credit, I hope you have done your homework and are out there looking for your home because time is quickly running out.

If you haven’t been preapproved for a mortgage, you should find yourself a reputable lender and get yourself preapproved. It takes time and there may be some issues you need to address before you can get your approval.

Find yourself a buyer agent and get out there looking. If you are not aware, it takes 30 or more days to close on your new home so if you are looking at the calendar that only leaves a little more than 4 months. That really isn’t a lot of time. Make sure you have a plan and know what you want and don’t want. There are many issues that could come up during the home buying process and the more time the better to take care of them. This is a great opportunity for first timers. The credit combined with the low rates, reasonable home prices and the amount of inventory equals happy home buyers.

Renee Porsia is a Realtor. Learn more by visiting her blog.