Clock is ticking...$8,000 in 90 days!
Written on Sep 1, 2009 by Charles Kim
First time home buyers pay attention. President Obama signed the American Recovery and Reinvestment Act of February, it extended the termination date for the first time home buyer tax credit to December 1, 2009. If you are in the market to buy, now is the time. Inventory is traditionally at it's peak to give you the best opportunity to find the right home, rates are holding to historic lows (5.125% with 1 point as of 9/1/09) and you receive a bonus of up to $8,000 from Uncle Sam just for buying a home. If you are planning to purchase a home and would like to take advantage of the tax credit, in essence you have at most 60 days to get your offer accepted and 30 days to try and close by the 1st of December. You'll certainly need to get your lending documents ready now and have your lender get pre-approval through underwriting. The Mortgage Broker Association (MBA) stated the average closing timeline is 45-60 days so you need to move fast. You'll be hard pressed to try and close on a loan any faster than 30 days (you may find this timeline to be even difficult and stressful) and experience the disappointment of missing out on the $8,000 by one day. ACT NOW! Contact your trusted real estate agent and lender to help you make your dreams of home ownership come true and $8,000 happier.
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