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Timeline for Grabbing the First-Time Homebuyer Tax Credit

Our friends at (disclosure, yes I'm a member of the New York State Realtor Association) just put up a timeline for first-time homebuyers interested in grabbing the $8,000 first-time homebuyer tax credit. Although the credit expires June 30th, in order to qualify, you must be in contract by April 30.

The timeline starts on March 1, but there are some ways you can speed through the steps even if you jump in now. You can, for example, pick a lender in one week rather than two. Ask friends and family for referrals, just as you would if you were looking for a real estate agent. The most important thing to remember is to work closely with your lender; make sure your appraisal is ordered the minute the contract is signed. These things take time...sometimes lots of time.

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