NAHB: First-Time Home Buyers Who Want New Construction, Tax Credit Must Act Now

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The National Association of Home Builders (NAHB) is urging first-time home buyers who want to build a new home and also take advantage of the $8,000 first-time home buyer tax credit to act immediately.

“We have received many inquiries from potential home buyers asking if a sales contract on a new home by the November 30 deadline will be sufficient to receive the first-time home buyer tax credit,” said Joe Robson, chairman of the NAHB and a home builder from Tulsa, Okla. “They have been surprised to find out that they must move into the new home before they are qualified.”

Home buyers may qualify for the tax credit if they purchase the home on or after Jan. 1 but before Dec. 1, 2009.  In the case of new construction, the date the home buyer takes occupancy of the house is considered the purchase date, not when the sales contract is signed.

For the full story, please visit the NAHB web site.

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