Now is the time to buy for first time home buyers in order to qualify for the $8,000 Federal Credit that will end November 30th.  Most loans take 30 days to process and buyers will be in better shape without stress and extra time pressure to be under contract by October 15th.  According to Gregory Phillips in his article in RisMedia, “Time Expiring on Home-Buying Tax Credit”, Oct 1, 2009, the tax credit was created from the $787 billion dollar Federal Stimulus package in February. 

There are some including those from the Real Estate Industry who are trying to extend the deadline.  It will be very positive for first time home buyers if the extension does come through; but, now is the time to take advantage of 2008′s Federal Credit for the first time home buyer!