Deadline Fast Approaching - $8,000 First-Time Home Buyer Tax Credit

I realize all of the counters posted on the web show 137 days left until the deadline. While that is true it does not take in to consideration the amount of time necessary to find a property, make all of the arrangements and actually “buy” a home. I have helped hundreds of people purchase their first home, and usually they move very slowly compared to those that have been through the process a couple of times.

The entire procedure can take from 30 to 45 days for well informed and experienced home buyers. Add a couple weeks to that for buyers that are new to the process and the deadline to get started is about 60 days from now!!!

The First-Time Home Buyer needs to have a home selected, under contract and financing in the works by November 1st to be safe. It simply takes time for inspections, repairs if necessary, appraisal and title work.

There are many things you can do to stream line the process. Save all of your pay stubs and bank statements from this point forward. Keep all of the pages for every bank statement, one page missing and the underwriters are not allowed to accept that statement for documentation. A simple mistake like a missing page can add a couple of days to the processing period. There is no grace period for the Tax Credit (yet). November 30 falls on a Monday this year and if you have not closed by the end of the day then on Tuesday your name is Trout and you are out!!!

Another tip, any deposit on the bank statements you provide that exceeds your pay check will be questioned. Keep copies of everything if you sell a big ticket item like a car, make a copy of the transfer, the check, your deposit slip, etc.

If you are using an FHA loan to finance the purchase you will need a copy of the FHA Amendatory Clause signed and dated on or before the date the sale contracted is accepted. The tricky part is it must be signed by everyone, buyers, sellers and Realtors. I posted a blank copy of this form on my Application Web Site in the resource section under forms. Apply for a loan while you are there, would love to help. http://JamesSimms.com