Time is running out for the first time buyer tax credit. The purchase of your new home must be closed by Nov. 30. Due to demand in the market, mortgage companies are taking about 6 weeks to process their loan paperwork. Buyers need to work with their realtor NOW to find the home and negotiate the contract. This process does not happen over night.
There is still confusion about this credit. It is a true credit against taxes due, if you don't owe any taxes you get a refund check up to $8000. This is not a deduction, but a true tax credit! Talk to your tax advisor to see if you qualify.
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