First-Time Homebuyers Running Out of Time

Folks who want to take advantage of the tax credit for first-time homebuyers are running out of time. Unless Congress votes to extend the program—and some legislators are for it—the tax credit of up to $8000 will expire in December. Given the length of time that it takes to arrange financing, home inspections and all the other requisite tasks to take care of when buying a home, homebuyers are cautioned to get a contract in place before the end of October. In order to qualify for the tax credit, the purchase must be finalized before November 30. Real estate agents and mortgage lenders say they expect to be able to accommodate the extra work as homebuyers scramble to get deals done before the deadline, but are advising against waiting until the last moment. In fact, many are recommending that homebuyers have a home under contract by October 15. “We are doing purchase loans in under 30 days right now,” said Sharon Decker, director of mortgage lending for Fifth Third Bank. “But if there is a big surge (in applications), all the lenders will be behind the eight ball.” The Louisville real estate market has already experienced a flurry of activity on lower-priced homes in the area, and the looming deadline could bring another round of buyers making offers on houses. Buyers who qualify for the tax credit can receive up to $8000 depending on the purchase price of the home. The program has become very popular and has provided a much-needed boost to real estate professionals and markets across the country. Lobbyists for the real estate industry are lobbying Congress to extend the program and around 15 bills have been proposed thus far.

Join The Discussion

James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

Contact us

  • This field is for validation purposes and should be left unchanged.



Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

Compare listings