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First time homebuyers must close escrow by December 1st, 2009 to receive the Federal Government's offer of up to an $8,000 tax credit.  Most escrows take about forty five (45) days to complete the process, which means these first time homebuyers should enter escrow no later than October 15th.

The tax credit is equal to 10% of the purchase price with a maximum of $8,000. 

The 2009 tax credit is superior to the 2008 offer as it does not have to be paid back.  The 2008 tax credit was more like an interest-free loan for homebuyers. 

Click here to get more information.