The Federal Tax Credit: Getting into escrow might have been the easy part!

There are two parts to the Federal Tax Credit for home buyers.

The first required a home to be in escrow by April 30, 2010. That might turn out to be the easy part.

The second is that the purchase has to close escrow by the end of the day on June 30, 2010. That might be the most difficult part, even if you do have 60 days.

If you haven't submitted your application to your favorite lender yet, you might run out of time to close escrow by June 30.

Many, if not all lenders, require all sorts of documentation now. The no-doc "liar's loans" are a thing of the past right now. You'll need proof of everything:

1. income
2. assets
3. tax returns
4. reserves
5. source of down payment
6. and more!

If you're buying a Mission Valley condominium, the condominium has to qualify under the new, and tougher, Fannie Mae and Freddie Mac regulations. If it doesn't, the time to get and review the condominium association's CC&Rs, finances, unpaid dues because of foreclosures, tenant percentage, etc., could take you well past the June 30 deadline.

Appraisals seem to be hit or miss. It's hard to say anything other than "Good luck with your appraisal" here.

If you are in escrow, be sure that your Realtor is fighting for you every step of the way. Lack of communication between any or all of the parties could be disastrous for you if you're expecting up to $8,000 for buying your new home.

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If you're looking for a great San Diego Realtor, well,
let me Google one for you.

I'm available 24/7, so feel free to contact me by phone or email.

Jim Frimmer, Realtor
Century 21 Award Mission Valley
California DRE License #01458572
619-729-5701
jimfrimmer@century21award.com
Mission Valley Condos Information

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Support your starving ActiveRain artist!
Try RusselRayPhotos.com for inexpensive photos.

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