First Time Home Buyers' Tax Credit in Renton, WA

FIRST TIME HOME BUYERS AND THE TAX CREDIT RENTON, WA

First-time home buyers in Renton, WA can count on financial assistance from the government in the form an $8000 Tax Credit. You may use this credit to help you qualify for your FHA loan.

About the First-Time Homebuyer Purchase Tax Credit.

In an effort to stimulate the housing market FHA will now allow the use of the anticipated tax credit to be used to offset some of the mortgage cost or in some situations to be used for the down payment. Borrowers will need to complete IRS form 5404.

A key component is that a tax refund of the first-time homebuyer home tax credit will be made by the IRS only to the taxpayer, not to a third party. In other words, any refund issued in response to a claim for this purchase tax credit cannot be assigned by a taxpayer to a third party.

It's no secret that the first-time homebuyer $8000 tax credit incentive expires on 11/30/09. There has been some talk of it being extended but as of yet nothing for sure. So for now we know that loans hoping to qualify for the tax credit must FUND by 11/30. Today this deadline is only 77 days away. What does that mean? That means the 11/30 funding deadline just became in reality 11/25. That means borrowers (to be safe) should be signing by 11/20/09

With most offers coming in with a 45 - 60 day close date. This deadline is really a LOT closer than you think..... 11/20 is actually 67 days away. Don't let this one get by you. If you're in the market for a new home and want to be eligible for the $8000 tax credit, get off the fence. Next week may be too late.......Rates are great... and we have in-house tax preparers to facilitate your $8000 tax credit with the IRS- There is no better time to purchase your new home than right now.

Johnnie Davis

Mortgage Consultant

(206) 293-1052

www.topvaluemortgage.com