Clock is ticking for first time home buyers in Chesapeake

Remember, the clock is ticking for first time home buyers in Chesapeake. The American Recovery and Reinvestment Act of 2009 included an enhanced First-Time Homebuyer Federal Tax Credit, a housing stimulus that provides a maximum tax credit of $8,000 for first-time home purchases.

The credit expires November 30, and given the time it takes to find a home, secure financing and close on a property, potential buyers should act NOW. Qualified first-time buyers must purchase and reside in the principal residence before December 1, 2009. Other eligibility requirements apply, including income limits, but individuals who exceed the limit may be eligible for a partial credit. Buyers should seek advice from a professional tax advisor for specific tax calculations.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought well over 1 million new buyers into the market, 350,000 of whom would not have purchased a home without the credit, according to the National Association of Realtors® (NAR).

The real estate industry has efforts underway to extend the tax credit deadline for first-time buyers, and others to expand its scope to include move-up and repeat homebuyers and remove or adjust income qualifications, the outcome of the lobbying campaign is facing an uphill battle.

Please as a consumer, you can assist in this effort by writing to your Senators and Representatives to tell them of the successes with the tax credit thus far, and urge them to extend it now.

Remember, the clock is ticking for first time home buyers in Chesapeake.

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