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As the November 30, 2009 deadline for closing first time homebuyers loans in order to qualify for the $8,000 tax refund credit draws near many lenders are imposing cut off dates for new loan applications. 

Many first time homebuyers may find that they have waited too long in order to be gaurenteed that they will recieve the tax credit.  Lenders have seen a surge new mortgage applications and are fearfull that they will not be able to honor normal time frames in order to expidite loan applications in a timely manner in order for the new home buyer to recieve the tax credit. 

The bottom line is "Don't wait untill the last minute to execute a purchase agreement to buy a home"! 

In the end the tax credit isn't the only reason to buy a home.  Owning is still better than renting.  Home prices have bottomed out in most areas and have already begun to raise in other areas. 

Now is a good time to buy with or without the tax credit.

Dan