Dallas Home Appraisals News and Information

The $8,000 tax credit for first time home buyers will expire on December 1, 2009, so buyers hoping to take advantage of the credit need to get busy.  Mortgage professionals estimate that with closings taking longer these days, a contract should be in place no later than September 30 in order to be sure the loan funds in time to grab the credit.

If you need a refresher on what the credit is and how you get it, click here.  A few key points:  1) Your loan must close by the end of day on November 30; 2) to qualify for the full credit, single buyers must not earn more than $75,000 annually and couples may earn up to $150,000; and 3) a new buyer is defined as someone who has not owned a principle residence within the past 3 years.

Contact us at Blue Star Appraisals Inc. if you need assistance in finding a mortgage professional to help you with your loan, or if you have questions about the tax credit. If you are buying or selling a home, we can also assist you with pre-listing appraisals, estimates of market value for the purpose of protesting your property taxes, PMI removal and more.