Deadline Approaching for Tax Credit

The deadline is approaching for first time home buyers to take advantage of the 2009 1st Time Homebuyer's $8,000 Tax Credit.

The American Recovery and Reinvestment Act of 2009 has an incentive for first-time buyers to purchase a home. The credit is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000.

The tax credit ends on December 1, 2009 and requires that the real estate closing happen by November 30, 2009.

With an "average" loan approval time frame of 45 days, you will want to have a home under contract by the middle of October.

Check with your loan officer for a better estimate of the amount of time needed for your own loan approval.

Click Here for a link to the IllinoisRealtor.org's brochure on the 2009 1st time Homebuyer Tax Credit.

Jim Starwalt

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Jim Starwalt, Broker Associate RE/MAX Center, Phone: 847-548-2625 Jim@StarHomeFinders.com