First Time Home Buyer Tax Credit Set to Expire

There is still time to get your chance at up to an $8000 tax credit when you purchase a home for the first time. As stated in this artice in the Lansing State Journal you really must have a contract on a property by mid-October to have a realistic chance of closing before the credit expires on Dec. 1st. So who qualifies?
1) If you and your spouse have not owned a home in the last 3 years
2) If you fall within the generous income requirements
3) If you close before Dec. 1st
4) You must live in the home for at least 3 years to avoid having to pay back the credit.
5) If you are a parent buying a home with a child the child will still qualify even if you alredy own a home

If you meet these qualifications you may qualify for a tax credit of up to $8000 (it is 10% of the purchase price if less than $80,000) So if you have been thinking about buying a home in the next few months anyway, it may make sense to try to get out there and get a deal written before this credit expires.