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If you're a first-time home buyer considering buying a home and planning on using the $8,000 tax-credit (set to expire 30 Nov 2009), then you need to be aware of the new limitations placed on your ability to get a loan quickly. I refer specifically to the new, so-called "3/7/3" rule. Here are the basics:
- After you submit you loan application, the lender has 3 days to provide you with Truth in Lending disclosures and a Good Faith Estimate.
- Once you receive the above disclosures, you have to wait 7 days before you can actually use the loan you applied for to purchase a property.
- If the rate or APR changes an 1/8% or more (increase or decrease) from the initial disclosures, the information must be re-disclosed and you must then wait an additional 3 days to complete your purchase.
Aside from the fact that this new rule may prevent you from submitting an acceptable offer before another buyer has purchased the home, it may prevent you from completing your purchase before the deadline to receive the tax-credit.
In short, pre-approval from a lender has never been more critical than it is currently.
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Joseph "Cathan" Potter (Coldwell Banker)
DISCLAIMER: I am not a attorney or lawyer, just a licensed real estate salesperson in the state of California ( CA DRE# 01855627 ). This blog is provided for informational purposes only and to help educate the home buying public of…
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Joseph "Cathan" Potter (Coldwell Banker)
There are many risks involved with any kind of investing and the purchase of big ticket items; The purchase of a home falls into both these categories. If you're currently considering the purchase of a home you may be asking: What are some of the…
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Joseph "Cathan" Potter (Coldwell Banker)
I've heard from a friend or two that I went to college with that they think I live "out in the country". Which leads me to believe that they think there might not be all that much to do here in Sonoma county, but I assure there is plenty to keep you…
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Joseph "Cathan" Potter (Coldwell Banker)
I have seen several posts about Open Office recently, I would like to ensure that everyone also knows about some of the free services google offers with just one account. (Some of these services also have brief videos [2-3 minutes] about them if…
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Joseph "Cathan" Potter
Sebastopol,
CA
More about me…
Coldwell Banker
Address: 101 Morris St, Suite 100, Sebastopol, CA, 95472
Office Phone: (707) 829-6094
Cell Phone: (707) 843-0033
Email Me
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