Time is running out to get tax credits for first time home buyers

By Lauren Payne - bio | email feedback

"I was like they're going to give me money for buying a house.   It was just--it's unbelievable," said Raven King.

First time homebuyer Raven King  can put a sold sign out front this Friday when she closes on first her home.

"We agreed that if we didn't find the house we wanted in the right amount of time that we weren't going to buy a house just for the 8 thousand dollars," said King.

They didn't find one before the time to get the 8000 dollar tax credit expired--or so they thought.

"Nancy called us back and said that they extended it, which was excellent," said King.

Thanks to the extension,  King is one of numerous first time homebuyers cashing in on the  8000 dollar tax credit.

"Probably 65 percent in the last 12 months have been first time home buyers," said Nancy Burks.

Remax realtor Nancy Burks says things aren't slowing down as people rush to get in on the tax credits.

"They have to close on it by June 30th.   Most loans close in 30 days so they've got a little cushion there, but it has to be under contract by April 30th," said Burks.

Burks says questions about the tax credit started immediately.   She says once people educated themselves, realized the opportunity, they took advantage of it and told others to do the same.

"This has gotten so many people that rent to think about why am I renting and buying someone else's house for them," said Burks.

Raven King says she'll use the money to pay off some debts--making a fresh start in a new home-- with 8000 reasons why she says this was the perfect time to buy.

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