Real Estate Blog - $8,000 Tax Credit October 16th Safe Deadline for Financing

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$8,000 Tax Credit October 16th Safe Deadline for Financing

The $8,000. Tax Credit Deadline is approaching.

First Time Home buyers must close by November 30, 2009 in order to claim the tax credit. If that sounds like you have 4 more months to look for a home, think again!

Who qualifies for the credit?

Mortgage Lenders in Kansas City, and elsewhere, are extending their time frame for processing a loan from 30 days to 45 days due to new requirements affecting the Truth In Lending Act (TILA) as well as the effect the Housing Valuation Code of Conduct (HVCC) has had on the process. If you plan on financing with a mortgage, you need to allow 45 days for the lender to process your loan after the final contract is in place.

What is TIL and why do I care?

45 days before November 30 is October 16.

From Monday, 3 August 2009 until October 16 is 75 days. Unless you are paying cash, this is your deadline. If you are paying cash, your deadline for closing is November 30.

Can your lender get the loan ready for closing in less time? Maybe but, for my clients, I am not recommending that they press their luck.

Posted by Maria Morton on 08/02/2009 06:32 PM

Comments (2)

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2 Comments on $8,000 Tax Credit October 16th Safe Deadline for Financing

AUG

And you still have to be careful with that 45 days, remember if there is even the slightest adjustment to your APR, that could add 4-7 days on to your closing.

Todd Clark - www.LivingBeaverton.com

Good point, Todd! Not to worry, I will keep my clients appraised of all the changes that will affect them.

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