Tulsa - You've likely heard about the 8-thousand tax credit for people buying a home for the first time. Now, there's a bill to nearly double the tax credit and another to expand the deadline to next year.

If you want to take advantage of the tax credit program, it's not too late. Go from renting in less than 30-days.

There are for sale signs in every neighborhood. The tax credit is for first time buyers, or people who have not owned a home in three years. You may want to find a real estate agent to help you find your home.

"You get with your agent, you tell them what you want, they show you homes, you make a decision," says Elizabeth Craddock with Coldwell Banker. "It doesn't take long from the time you contract on a house to the time you close."

One of Craddock's clients is Caitlyn Gettchell, who says the tax credit sped up her home search.

"With the 8-thousand dollar tax credit I was like well, I might as well start looking."

Craddock says she's getting lots of calls from potential new buyers.

"Saying I heard about this tax credit, could you explain it to me? And that's we do, tell them how they can benefit, explain it get the ball rolling."

And, that starts with a lender who can pre-approve a loan. Craddock warns the one thing you shouldn't do is check your credit report yourself.

"No, don't pull your credit report," she says. "Every time you pull it, it's a hit on your credit. Make sure you are ready to buy, get with a trustworthy lender and they will pull your credit report."

Once you have a loan amount, you start house hunting, like Caitlyn.

"I like to plan way ahead," she says. "I found a house yesterday that I kinda like. Should I offer on it, or should I go see some more? But, I think I'm going to put an offer down, so we'll see."

There are plenty of homes. Mature owners are moving up and others simply moving on.

We checked the rules. In order to qualify, you have to own the home by November 30th. For a newly constructed home, you must move in by November 30th.

On The Net:
Federal Housing Tax Credit

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