First-time homebuyers want to take advantage of tax credit in 2009

First-time homebuyers want to take advantage of tax credit in 2009

Q: My husband says we can get that first-time homebuyer tax credit, $8,000, for any house we buy this year, whether it’s new or old. I said I’d double-check. Is that for sure? — L.

A: The tax break isn’t quite this year. You’d better get moving. Whether a new house or an existing one is purchased, the closing must take place before Dec. 1.

These days, careful lenders may require extra time to approve a mortgage loan, and in addition, legal problems sometimes surface and hold up closings. You need to get the whole thing done — selecting the property, negotiating terms with the seller, arranging financing and arriving at the actual closing, settlement, transfer of title, by Nov. 30, 2009. That’s assuming, of course, that you meet the requirements.