$8000 real estate tax credit deadline

The deadline for closing on your home to get the $8000 tax credit is November 30th.  It is coming up very soon for those looking to buy their first home!!  Looking at the calendar, it is a Monday and happens to be the Monday right after Thanksgiving.  So if you are planning to buy, I would strongly recommend that you try and close by the middle of November.  If you schedule a closing for November 30th and something happens to hold up your closing (seller's side or your side), you will lose out on the $8000.  Many mortgage and title companies are closed on the Friday after Thanksgiving, so that limits your time during that week.  I would plan for closing no later than November 20th to give yourself time in case there is a problem.

As far as writing a purchase agreement, you really want to try and have a property selected and a purchase agreement written by the middle of October if possible.  We can all rush the mortgage process, but if everyone is trying to write a purchase agreement in November and close by November 30th, it may not be possible!  If you are buying a foreclosure, banks don't always respond quickly and that can delay your closing.  A shortsale is going to be very difficult to get bank approval in time for a November 30th closing.

There is talk of extending or changing the stimulus plan for purchasing a home.   But we don't know that it will happen and I would hate to see someone miss it just because they think it will be extended.  I have seen a couple of articles with proposed bills in them to extend and change the tax credit.  Many people believe the credit needs to be extended to next summer, but there are just as many that don't think the government should spend that much money on the tax credit. 

As of right now, we do know that if you buy a home and close on or before November 30th, you may be able to qualify for up to $8000 in a tax credit!  If you have questions about the credit, there is information available on the IRS website – www.irs.gov

Leslie Vanderwerf, Advisors Mortgage - EmailWebsite

Written By

Currently a Senior Loan Officer at Cross Country Mortgage LLC, it's hard to believe I have been in the mortgage business for more than 25 years and have worked with Sharlene since 2000! I love sharing mortgage insights here each week and helping people finance their homes. Listening helps me find the right program for you!

Related Posts

Weekly real estate market update 2/7/25… activity is on the rise, could a fixer-upper be for you?

🖨 Print Article New listings and multiple offers are on the rise in tandem. I can attest to that, as we reviewed 12 amazing offers on one of my new...

The Real Benefits of Buying a Home This Year

🖨 Print Article Have you been wondering whether you should keep renting or finally make the leap into homeownership? It’s a big decision, and let’s be real — renting can...

Subscribe to Our Newsletter for Market Updates & Mid-Century Modern Listings

Our weekly HomesMSP Update includes current local market information and a curated list of mid-century modern properties for sale, plus posts from an inspector, a lender, a stager, info about neighborhoods, life in the Twin Cities… even recipes!

This field is hidden when viewing the form

Blog Categories

Archives

Sharon and John Hensrud

About Us

The HomesMSP Team is committed to meeting you where you are and listening… really listening to understand you so we can use our extensive knowledge of the market and local neighborhoods to give you personalized service.