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Good advice to not keep procrastinating if  you want to be elgible for the $8,000 tax creadit My AR friend from Kansas City , Missouri, Maria Morton, says a safe deadline because of financing time would be is more like October 16th rather than November 30th unless you are paying cash.

Via Maria Morton (Prudential Kansas City Realty):

 

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.

 

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

SEP
04
2009
992,498 Points 8 Featured Posts Outside Blog Called Shot Master

Good advice. Thanks for sharing. Too many first time buyers will miss this opportunity because of inaction.
5:05am • #1
372,650 Points 10 Featured Posts Called Shot Master

Kathleen, thanks for helping to spread the word! As Roy says, many first time homebuyers mistakenly believe that they have until the end of the calendar year. Our concern is that they will miss out on the tax credit so the more of us that disperse this information, the better.
8:39am • #2
294,257 Points 2 Featured Posts Localism Sponsor

Hi Kathleen: This is good advice - thanks for sharing it with us!

:)
9:21am • #3
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

ROY:It is so true that first time buyers think that that have plenty of time and they are going to miss this fantastic opportunity ti earn this $8k tax credit if they continue to keep dragging their feet and being inactive and indecisive in selecting a property to purchase.

 
1:07pm • #4
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

MARIA:Having read your urgent fore-warning message I felt it was definitely worthy of a re-blog. The public , especially our first time buyers need to know that THEY DO NOT HAVE UNTIL November 30TH unless they are a cash buyer in order to close in time to earn this $8K tax credit.
1:09pm • #5
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

MATT: Thank you for stopping by to read this important message that I re-blogged from Maria Morton's blog. We need to let eligible buyers know  that they really do not have a lot of time .
1:12pm • #6
924,913 Points 97 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Kathleen, it takes normally at least forty five days to close on a loan, so the time is shorter than a lot of people thing.  Good job in telling Buyers not to wait.
7:12pm • #7
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

GEORGE: I am glad that you agree that we need at least 45 days. Now if we can only make the buyers understand this fact and stop procrastinating and waiting until it is going to be too late and they have missed a great opportunity. "They will have missed the boat"
8:47pm • #8
SEP
05
2009
156,066 Points

I'm pushing and pushing to get my first timers to make a decision so they won't lose out on that all-important CREDIT. 
8:31am • #9
634,564 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I'm trying to persuade my buyers to get something under contract before the end of September......45 days may not be enough in some cases.
12:35pm • #10
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

TOM:  I totally agree that our first time buyers need to make this decision ASAP, or they will miss out on a great free tax credit. $8K is no small amount to ignore.
1:40pm • #11
SEP
06
2009
171,505 Points 2 Featured Posts Attended Rain Camp Called Shot Master

ANN: That is a good plan, the lenders may be so busy it may take longer than 45 days.
1:56am • #12

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Kathleen Ann Pacheco-Corbett Realtor® RI-Ma CEBA Master e-Pro ABR ABRM GRI CRS

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