Although the cut-off date for the $8,000 first-time buyer tax credit is Dec. 1, if you are interested in this incentive, you will want to consider that it can take months to close on a home. Short sales can take three to six months, so with 90 days left before the deadline, first-time buyers should apply for the credit now.
According to the National Association of Realtors, 1.8 million buyers are expected to apply for the credit. There may be an extension of the stimulus package program, like the "Cash for Clunkers" offer, although that remains uncertain. For now, loan documents must be signed by the deadline to qualify for the benefit.
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