If you’re considering buying your first home, time is running out to take advantage of the first-time home buyer tax credit.

The up-to-$8,000 credit, which can also be used toward a mortgage down payment, expires on December 1st. Buyers must close on their purchases and receive the title transfers to their homes before that date to qualify.

Despite the name, the credit is available not only to those who are purchasing their first home but also to those who have not owned a “principle residence” in over three years.

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