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Deadline for First-time Home Buyer Tax Credit Fast Approaching 

Catherine Pegram

First-time home buyers in Maine and across the country are feeling the pressure to find the home of their dreams…within the next week or so.That is if they want to cash-in on that $8,000 federal tax credit.The program is set to expire at the end of November.The National Association of Realtors estimates that 2-million first-time home buyers will take advantage of the program. It was part of the federal stimulus package unveiled back in February.House hunters say the tax credit is a huge incentive, but time is running out.Real Estate Broker Marie Flaherty says, :They’re feeling a little bit anxious about meeting the deadlines because it does take 30-to-45 days to close on a property, so by the 15th or so of October many buyers are wanting to be under contract. We know that’s just a few days away.”Now there is a push underway in Congress to extend the tax credit beyond the November 30th deadline. There’s even talk of broadening it to include all home buyers and also to increase the tax amount from $8,000 to $15,000.