Time's Running Out
Posted by Karen Sherrill
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Time is running out for the $8000 First Time Home Buyer Tax Credit (unless of course Congress passes an extension while I am writing this.....could happen).
What does this mean? It means if you are a first-time home buyer your loan must "close" by November 30th. So while that seems doable to you - remember that every lender is different - some can close in two weeks, others in two months. Here are some things you can do to help the process.
1. Find a house to buy! Connect with a Realtor (me for instance) and begin looking at homes
2. Contact a lender (okay you should probably do this first so you are pre-qualified). Ask friends or Realtor for recommendations - ask the lender how long it normally takes to close on a loan. (realize things can come up - but you want the average) All lenders are NOT alike!
3. Gather paperwork - current and past tax returns, pay stubs, bank statements, etc. If it relates to your income - save it and have it ready!
4. If your lender, or Title company, asks for information - deliver it ASAP
5. Stay on top of it - be in constant communication with your lender to make sure the process continues to move. Don't just assume everything is fine.
6. Don't spend anything until it closes! I know this sounds weird, but I read an article that says some lenders run a credit check just before close to make sure there hasn't been any additional debt. Sure we all know you're going to buy some type of new furniture - but hold off until the loan closes if at all possible.
While everyone is hoping the Tax Credit is extended, the above can help you streamline a closing as much as is possible. Praying a little helps too!
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Disclaimer: The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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