The Minneapolis Duplex Tax Credit Race Is On
said on July 20th, 2009 categorized under: Buying A Duplex, Tax Credits
I keep wondering when people will notice summer’s almost over.
OK, so it’s not exactly over. But we’re a week a week and change away from the first day of August. Summer might as well be over then, as it’s when we all start thinking “time to get ready to go back to…”.
Summer’s end promises the onset of fall. And fall means the end of the $8000 first time home buyer tax credit.
Yes, the credit expires on November 30, 2009. But that doesn’t mean you have to have picked out a duplex by then. It means you actually have to have closed on it. In other words, the key and the mortgage need to be yours.
Sounds easy enough, right?
Well, there’s the fact that it usually takes anywhere from two weeks to a month for the bank to give you the mortgage you applied for to buy the place.
No worries. That means you have to have found your first home by November 1, right?
Guess again.
While things seem to be heating up in the Twin Cities duplex market, some states are cranking up the thermostat even further by implementing bridge-loan programs that advance first time home buyers the cash they need to purchase a property.
