ACT NOW TO GET YOUR CREDITS! If you haven’t started looking you want to get into serious search mode now. – Bob Adolfson
The end is nearing for the first-time homebuyer tax credit. In order to qualify, homebuyers must close on or before midnight on November 30 of this year to qualify for the tax credit.
The National Association of REALTORS® estimates close to two million first-time buyers will have taken advantage of the $8,000 tax credit this year, stimulating an additional 350,000 home sales.
Qualified Illinois first-time homebuyers have a double advantage utilizing the tax credit with the Illinois Housing Development Authority’s new Illinois Home Start Loan program.
The Home Start program offers a 30-year fixed rate amortized loan insured by the Federal Housing Administration (FHA) along with a zero-interest, short-term advance loan of up to $6,000 to use towards a down payment on their home purchase and to be paid back when they earn their tax credit in 2010. – Bob Adofson