To be eligible for a tax credit of up to $8,000, first-time homebuyers have until the end of business on Nov. 30th to close their loans.  There has been discussion that some members of Congress want to extend and increase the homebuyer tax credit, but it remains to be seen if an extension or enhancements will be made.

 

Historically, it has taken 30-60 days to close a loan; however, new appraisal and disclosure requirements that recently took effect may add extra time to the closing process.  To be certain Atlanta new homebuyers can take advantage of the tax benefit -as the law stands today- interested buyers should apply for their loan no later than the beginning of October to be able to close the loan prior to the deadline. 

For additional information on the homebuyer tax credit or any other mortgage needs, contact Lisa Dozier at Peachtree Residential Mortgage, an affiliate of Wells Fargo Home Mortgage, at lisa.a.dozier@peachtreemtg.com or (770) 495-0241.