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The first time home buyer tax credit is set to expire on November 30th. That means that you must close on your owner occupied home no later than that day to receive your tax credit. If you close on the 1st of December, no credit. Not even a little one.

Yesterday I was speaking with a Realtor about managing peoples expectations regarding being able to take advantage of this awesome opportunity. He stated that he has simply stopped showing short sale properties to buyers as they almost always take several months to close. While we can close some home purchases in a couple of weeks, as the clock starts running out on this program, you can certainly expect for that time to increase. As loan applications ramp up to beat this deadline, so will the time to underwrite them.

There is till a window open for this chance to get up to $8,000 after closing on your home, but it's likely that after November 1st it will be gone for good.

If you are still on the fence, you may not want to wait much longer. The sun is about to set on this once in a lifetime opportunity.