Buying a Home is an exciting prospect and an important decision, but like all important decisions it should be measured with gainful knowledge for informed decision making.  An educated buyer can avoid the pitfalls from predatory lending practices that promise short term gains.  Remember important dates, know your facts and do your due diligence.  Ask lots of questions and do your research beforehand.  Find a lender who has your best interests in mind, and know the facts that will help you make a wise decision.  An ounce of Prevention is worth more than a pound of regret, as always. 

Remember the Important dates.  Keep in mind, the last day that both first-time and move-up/repeat homebuyer credits was available during 2010 was September 30^th; homebuyers who had a qualifying home contract in place on or before April 30 2010 had to make closing on 9/30/10 if they wished to claim the homebuyer tax credit on their return. 

Although, there is a large majority of people who file their taxes electronically, individuals who wish to claim a first-time home buyer tax credit will need to do so by filing a paper claim.  The vast number of tax fraud connected to home buyer tax credits, has caused the IRS to increase compliance checks along the way.  Home buyers who wish to benefit from this type of claim should do it early.  The early bird gets the worm remains to be true.  Late filers can expect delays. 

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Information Source: http://www.becausetheworldisnotflat.com/?p=704