Generally the credit is theÂ SMALLER of
Â $8,000 for homes purchased in 2009 or
10% of the purchase price of the home.
In order toÂ use this credit you must close on a home before Dec 1, 2009.
At the current time it may take up to 60 days to close on a home.Â Therefore a contract should be written about 2 months before that date or sometime in the August/September time frame.Â There also may be a rush towards the end by people trying to use the credit.
If you are looking for a home in the Greater Dayton or Northern Warren County area, give me a call (937-681-6075) for homes that meet your criteria.
You can also visit my website TonyCiramella.com.
See IRS form 5405 for info on the first time homebuyer credit including who can and who can't claim the credit.
Contact your legal and tax professionals regarding your individual situation.
Irongate Inc. Realtors