Home / Business HOUSING: Deadline looms for homebuying tax incentive
Mortgage lenders say homebuyers hoping to claim a federal tax credit had better get a move on.
People who haven’t owned a house in the past three years may be eligible for an up-to-$8,000 federal tax credit on a home purchase, thanks to a provision in the economic stimulus package passed in February. But that part of the law is set to expire on Nov. 30, and lenders are telling buyers they need to get their paperwork done well before that date to cash in.
“We need a full and complete application to be delivered to our underwriting teams no later than Oct. 30,” said Amy Savicky-Injaian, a spokeswoman for banking giant Wells Fargo & Company.
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