By Paul Wallin, Realtor

The federal credit is available this year through November 30^th, but you must close on the house by that date to receive the benefit!!  On average, homes close in 30 days.  But it can take about two months now to close, especially if it is a shore sale or bank-owned home!  That gives you until the end of September to get a house in contract to meet the deadline!

Are you eligible for the credit?

• You must be a first-time home buyer ~ meaning you haven’t owned a home in the prior three years.
• The house must be your principal residence.
• The full credit is available your adjusted gross income is under $75,000 for singles and $150,000 for married joint filers. 
• The sale must close by November 30, 2009.

The credit is part of the economic stimulus law Congress passed in February.  The credit is worth 10 percent of the purchase prior of a principal residence, not to exceed $8,000.  The credit is refundable, which means that even if you don’t owe any taxes, you will get the credit as a refund.  And, the money doesn’t have to be repaid, unlike last year’s homebuyer credit (unless you sell the house within 3 years).

Will the government resign this bill?  Possibly!!  One bill introduced months ago would extend the credit through next year.  And there is another that would raise the maximum credit to $15,000.  So far, talk is minimal on these bills and nothing has been signed.

If you need help finding a home to take advantage of this money – call me today, Paul Wallin at 208-288-2976 or email me at paul@wallinexpress.com.  I am a full time Realtor with Group One in Boise, Idaho!