Monday after this year's Thanksgiving Weekend, November 30, 2009, will be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit - Act Now Before It's Too Late ~ Take Advantage of Your First Time Homebuyer Tax Credit. 

New FED "TRUTH IN LENDING" requirements for lenders went into effect on October 1.  FED Adopted New Rules for Lenders and Home Mortgage Loan Brokers ~ Effective on October 1, 2009. 

Will lenders be able to close transactions on a timely basis, or could this TRUTH IN LENDING regulations gum up the works with anticipated and planned closings for November 30, 2009, when the US first time homebuyer tax credit expires?

The TRUTH IN LENDING rules require a lender to compare the first annual percentage rate (APR) as quoted to borrower with what the rate is at time of closing (HUD1 statement).  If the APR is off by more than one-eighth of 1 percent, the closing must be delayed at least three days for the purchaser to decide whether he wants to continue the closing of the home. 

These rules will make it challenging when a buyer has made plans and is counting on buying the home with benefit of tax credit and closing on November 30.

 So we real estate business people expect Monday after Thanksgiving Weekend to be a very busy day in real estate, with home purchases to satisfy First Time Homebuyer Tax Credit, with escrow closings no later than November 30, 2009.

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Please contact us for information about the first time homebuyer tax credit and Orange County homes and properties.  Thanks.  Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.