News9.com - Oklahoma City, OK - News, Weather, Video and Sports | Clock Ticking for $8,000 Housing Tax Credit

Clock Ticking for $8,000 Housing Tax Credit

By Charles Bassett, NEWS 9

OKLAHOMA CITY -- Time is ticking away for would-be homebuyers hoping to take advantage of an $8,000 federal tax credit. The program ends November 30, but if you don’t act now, you may miss out.

To take advantage of the tax credit you have to close on the house by November 30. That's providing no problems arise, so right now the window to buy is quickly closing.

Petra and Caleb Germany are newlyweds and they just purchased their first home.

“We've been apartment living in Oklahoma and in California for the last few years and it feels great to have some roots,” said Caleb Germany.

The couple chose a new home in northwest Oklahoma City to settle down in and the $8,000 tax credit helped them close the deal.

“We were looking anyway, so we just felt like now was the time,” said Petra Germany.

Several homes in the neighborhood are being snatched up, which means builders are also benefiting.

“We started with 44 lots in here. We only have 17 left, and we have maybe three houses that we can get ready by November 30 to take advantage of the $8,000 credit,” said builder Todd Clark with Timbercraft Homes.

To qualify, you cannot have owned a home in the last three years. Jim Brollier, a mortgage lender, said business has picked up dramatically since September.

“We're getting calls by the minute almost with people trying to beat the clock,” said Jim Brollier with JB Mortgage.

The clock is winding down fast. Brollier said with the loan process, title, inspections and a mix of holidays in November, if people hope to take advantage of the tax credit, they may be hard pressed to close by the end of November.

"If you want to try to take advantage of this $8,000 tax credit, you need to find a house this weekend. You need to find a house this weekend. You need to be seeing your mortgage company Monday morning," Brollier said.

As for Petra and Caleb Germany, they have other plans this weekend. They're finally moving into their new home.

"We're moving in. We're watching football and we're grilling," said Caleb Germany.

There has been talk in Washington D.C. about extending the deadline beyond November 30, but it hasn’t happened. To get the credit, you will need to amend this year's tax return to show the purchase or file it with next year's tax return.

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