First-time home buyers are running out of time to take advantage of the $8000 federal housing tax credit.  The fist thing to know is that buyers need to have the deal closed and funded by the end of November of this year.  Did tiy read that?  Closed and funded.  The buying process takes time.  Buyers may look for several weeks or months before finding the right home.  The contract to close period is taking longer due to a change in appraisal rules.  My best advice to first-time home buyers is to get under contract by early September so you can close by the end of October.  I think the November is likely to be a mess at title companies.  And don't forget that the Thanksgiving weekend always slows things down

Basic qualifiers:

Buyers can not have owned a home for the last three years.
Income can not exceed $150,000 for a couple or $75,000 for a single purchaser.
Buyers need to remain in the house as a primary residence for at least 3 years.
The value of the house must be at least $80,000.

There are other things to know as well.  Click HERE to see the rest.  You can also talk with a CPA or lender.

If you are a first-time buyer and want to take advantage of the credit, get pre-approve with a lender ASAP.  If you need a good Texas lender, let me know.  I have several I can recommend.  Then call me to start looking.  If you want to look online before contacting a REALTOR, use my online Austin home search feature.