First time buyers have hit the JACKPOT this year. $8000 is a handsome sum that a first time home buyer will receive just for purchasing a home. This unprecedented incentive is meant to stimulate the economy and give a boast to a well deserving home buyer.
$8000 is a lot of money, it's not a credit, it's a check. As a first time home buyer there are many things you can do with this money, perhaps improve your new home, buy furniture, pay off a few bills or maybe stash it in the savings for a rainy day. However it is spent will be determined by you.
But are you willing to lose it?
The deadline for closing on your first home is December 2009. That date is creeping up on us, from today it's only 149 days away. Ah but still there must be time to write an offer, finalize financing and close. Leaving this to the last minute will not do, unless you are a Riverboat Gambler, I suggest the latest one needs to finalize on a contract is October 15th.
Forty-five days to close on a contract leaves just enough time to get the job done. So 149 minus 45 leaves 104 days to gather a down-payment and start your house hunt.
104 days to gain a house and $8000 in cash or nothing.
If you start now it is a sure bet, so what are you waiting for?