The $8000 tax credit for First Time Home Buyers will expire in less than 90 days. This means that as a First Time Home Buyer you need to accelerate your home search and get your home buying process into the Offer to Purchase stage by the end of September. The deadline for the program is November 30, 2009. This being said, you must have your transaction completed by the close of day on November 30th to qualify for the tax credit. Since there are many steps in the process that need to be completed once the offer is made, you should allow yourself 60 days to complete the necessary transactions.
In order to meet the November 30th deadline, you must factor in enough time for any hiccups in the process so you do not jeopardize qualifying for the tax credit. In July, Governor Patrick announced an added benefit to this program by offering a new opportunity to access affordable home ownerships by using the tax credit in advance of the federal tax credit. To learn more about this program and to get a complete list of participating lenders go to:
http://www.masshousing.com/
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