What is Happening in the Mortgage Market

First-time home buyers still have time to take advantage of the $8,000 tax credit, but time is running out.

To qualify for the tax credit, a home sale must close before December 1, 2009.  The last week of November will be extremely busy for title companies. With Thursday, November 26th and Friday the 27th being Thanksgiving holidays, that entire week and Monday the 30th may be grid-locked with last minute closings.

Many loans now take a minimum of 30 days to process because of new lending requirements and appraisal issues, and some can take longer. This means first-time buyers wanting the $8,000 tax credit must have applied for their loan, finalized their contract, and have it at the title company by the last week in October to ensure enough time to process and close their transaction before the deadline.

If you would like to take advantage of the tax credit or know someone who may be interested in a first-time purchase, encourage them to act soon.

The next six weeks will pass quickly - don’t miss out! Call me today and ask about our $250 discount offer.

Click here for First-Time Homebuyer Credit Questions and Answers: Basic Information