It is September 1st at the writing of this piece. You can only put this off so long you know, and if you are considering purchasing your "first"* home and taking advantage of FREE money in the form of an $8000.00 tax credit, your time is short!

A quick definition of "first time buyer." You either: A - have never owned a home before, or B - have not owned a primary residence in the past 3 years.

What could you do with $8000.00?!?!? Many buyers are borrowing that amount from friends or family, then paying them back after closing. Others are putting it into the home for repairs and upgrades, and still others are just keeping it for a rainy day.

Logic Behind "Time Running Out"

To receive the $8000.00 tax credit you must have closed on your home purchase by no later than November 30th, 2009. Assuming that it takes 30-45 days to process and fund a home mortgage these days, (and it does), that puts you at October 30th at the LATEST to put a firm contract together on a place. October 15th is more like it.

Find a great real estate agent who understands this process in depth, and an even better mortgage person and get on it. NOW!

A FEW SHORT VIDEOS TO WATCH ABOUT THE TAX CREDIT - GREAT STUFF:

JEREMY LARKIN Discusses Tax Credit from St. George Blvd: HERE

Detailed view of the tax credit, who qualifies, how to get it:  HERE