Governments Nov. 30 deadline-to-close requires starting purchase process now

Builders slate free info session to help public earn $8,000 tax credit  

(DALLAS, TX – Sept. 8, 2009) – Would you spend two hours to get an $8,000 tax credit and a new home?  Local home builders think many North Texans would and have announced a plan to help them do just that.

Home buyers who hope to purchase a home and earn the $8,000 tax credit offered by the federal government should be in the purchasing process right now, according to a spokesperson for the Home Builders Association of Greater Dallas (HBA).

To help home buyers access the tax-credit program, the HBA and Bank of America have scheduled a free, open-to-the-public meeting at 6:30 p.m. Wednesday, Sept. 16, at the HBA headquarters, 5816 W. Plano Parkway in Plano (about six blocks east of the Dallas North Tollway).

HBA’s communications committee is sponsoring the information meeting for prospective homebuyers with experts ranging from builders to loan officers, credit specialists, Realtors and others involved in the tax credit program, says Chris Jackson, committee co-chairman. 

Bill Wills, vice president and builder sales manager for Bank of America Home Loans, will be keynote speaker for the event. 

“This two-hour program puts the buyer face-to-face with the most qualified local experts who can help their dream become a reality,” says Mr. Jackson. He says the recovering economy not only will get a serious boost from widespread home purchases through the tax credit program, but also thousands of renters will become homeowners and begin building equity for their futures.

Kevin McLain, co-chairman of the HBA communications committee, encouraged prospective home buyers to attend the Sept. 16 event. “The government Web site, www.federalhousingtaxcredit.com, has great information on this program, but we realize some potential buyers don’t know how to get the tax credit – and particularly don’t realize how soon the deadline is,” says Mr. McLain. 

He adds: “From a realistic point of view, buyers should be signing a purchase agreement in the few weeks in order to qualify. And even that might be cutting it close.”

“The seminar is a great opportunity for potential buyers to meet one-on-one with housing and financial experts who can guide them through the process and make it as easy as possible,” says Mr. Jackson. “Buyers can actually create their own personal network of professionals to guide them through the buying process and the tax credit program.”

            First-time home buyers purchasing any kind of home (new or resale) are eligible for the tax credit.  Home purchase must occur before Dec. 1, 2009. The purchase date is the date when closing occurs and the title to the property transfers to the home owner.  A limited exception exists for certain contract for deed purchases and installment sale purchases. (The IRS Web site has more details on this.)                                                                                                                                             Buyers may not have owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and spouse.                                                                                                                                                 The event is free but reservations are recommended. For more information or to attend, call the Home Builders Association of Greater Dallas at 972-931-4840 or visit www.dallasbuilders.com.  

About the HBA: The Home Builders Association of Greater Dallas is a professional organization dedicated to promoting new home ownership, industry advancements, and community good works.  The HBA covers a seven-county area of some 5,500 square miles with a population of more than 3 million and is the local affiliate of the Texas Association of Builders and the National Association of Home Builders.  The HBA’s membership includes more than 1,600 builders, developers, and remodelers, suppliers, vendors, and associated businesses and services.