Deadline Next Month For Federal Homebuyer Tax Credit

By Dan Bewley, The News On 6

TULSA, OK -- The deadline is looming for part of President Obama's stimulus package. First time homebuyers have only a few weeks to find their new home and get it under contract to be eligible for an $8,000 tax credit.

Carlisa and Aaron Curtis are proud new Tulsa homeowners.

"We'll either put our television above the fireplace or - we haven't figured it out yet," said Aaron Curtis.

"I love this," said Carlisa Curtis, clapping.

"This was the original living room that I'm actually going to make it into, what a lot of people would call a man cave, a place I can hang out," Aaron said.

"I'm okay with a man cave; every man needs a room," said Carlisa.

The Tulsa newlyweds closed on the home earlier this week, just in time to qualify for an $8,000 tax credit for first time home buyers.

 "Huge, I don't see how we could have bought a house without it being a factor, Aaron said.

The credit is part of the president's stimulus package. To qualify you have close by December 1, and you can't have owned a home within the past three years.

Realtor Lori Cain says the real deadline is October 15 since it can take more than a month to get through the closing process.

"The lenders are getting backed up, the appraisers, the inspectors," said Lori Cain with Chinowth & Cohen Realtors.

And keep this in mind, while the last day to close and be eligible for the credit is November 30th, the week before is Thanksgiving - so that Thursday is out ,and most title companies will be closed on Friday as well. That means November 25, five days before the deadline, is a potential homeowner's second to last chance.

The Curtis' say the rebate's first purchase will be a new refrigerator, and they encourage first time homebuyers to jump at the chance for $8,000 and a new home.

"It's one of those things you feel like it will never happen and then it happens, so you just can't believe it," said new homeowner Aaron Curtis.

Lori Cain suggests people who are still looking should use a local lender, just in case there are any problems. She also encourages them to contact a tax preparer to find out how to get the rebate.