The real estate industry is rife with rumors of an extension or expansion of the First Time Home Buyer’s Tax Credit, but as of this date no changes to the program have been made. Which means buyers are running out of time to find a home and get to closing by the November 30, 2009 deadline (not December 1st like I’ve seen reported in some other places – that’s an $8,000 mistake waiting to happen).
Lenders have been swamped with applications from potential buyers and the closing process is now taking anywhere from 45 to 60 days from the date a purchase agreement is signed.
How long do you have to find a home?
If you are planning to make a qualified first time home purchase and take advantage of the tax credit, you don’t have much time left at all. If it takes your lender 60 days to close a loan, you need to have a house picked out and under contract by the end of this month – less than 3 weeks from now!! That makes for a whirlwind of house hunting if you haven’t started yet.
What’s the first step in the home buying process?
The first step in the home buying process is always, always, always getting preapproved for a mortgage. We recommend using a local lender that you can meet face to face with and get your loan approved as quickly as possible. A large number of buyers are using FHA financing, which requires a bit of documentation on your part. Read What You Need to Apply and Get Approved for an FHA Loan
Contact the West Bank Living Team with any of your real estate questions. We can provide you with a FREE list of homes for sale, referrals to local lenders and guidance through the entire home buying process. It’s not too late to start today!