Quicken Loans Says Time is Running Out for First-Time Home Buyers

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With 43 Days left, Home Buyers are Running Out of Time for the First-Time Home Buyer Tax Credit.

It's the best buyer's market in your lifetime, and perhaps in U.S. history

Quicken Loans, the nation’s largest online retail mortgage lender, reminds consumers that time is running out for first-time home buyers to receive the $8,000 first-time home buyer tax credit as there are only 43 business days left before the deadline.

As part of the $787 Billion government stimulus plan, first-time home buyers are eligible for up to $8,000 (or 10 percent of the home purchase price under $80,000) back. Previously, the $7,500 tax credit was an interest-free loan, but this year the amount never has to be paid back.

A first-time home buyer is being defined as anyone who has not owned a primary residence in the past three years. Please consult a tax professional to ensure you qualify for the credit. To qualify for this tax credit, buyers must close the loan by Nov. 30, 2009.

To help new home buyers, Quicken Loans has also released a first-time home buyer tax credit video, explaining the details of this opportunity.

“It’s the best buyer’s market in your lifetime, and perhaps in U.S. history,” says Quicken Loans vice-president Stephen Luigi Piazza.

This is because property values are at an all time low, bringing some homes down to what they were originally purchased for 20 years ago. Interest rates are also low, bringing many homeowners to refinance and lock in at a lower rate.

If you already bought a home since January 1st, 2009, you can cash in on the credit before tax season. If you need to amend your taxes to receive your tax credit, just check out the IRS website for more information.

If you were planning on buying a home in the next two years, now is the time to do it. Property values are starting to stabilize and mortgage rates are poised to rise in the coming months. So don’t procrastinate, as it may end up costing you in the end.


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Aaron Emerson
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