Charlotte Home Buyers Better Hurry for $8000 Stimulus Money

By
Mortgage and Lending with "The MORTGAGE SMITH" - New American Mortgage

House on a calculatorMany people I talk to, looking for a Charlotte home mortgage, want to know if the $8000 first time home buyer tax credit that expires on November 30th, 2009 will be extended. That is a good question. But I wouldn't dwell on the answer for too long, because as of today, there is under 50 days left to...

· find a house...

· put in an offer on...

· negotiate and have the offer accepted on...

· qualify for a loan for...

· make sure you have enough money for down payment and closing costs for...

· get an inspection on...

· appraise the value of...

· process, underwrite and produce loan documents for...

· sign documents at title (attorney's office) for...

· make sure the loan funds...

• and have the note and deed recorded properly for...

...YOUR HOUSE!

The process, listed above, can easily take 30 days or more, depending on how much looking your doing.

As it stands, if this does not happen by November 30th, you will not get the tax credit. If you are in the greater Charlotte area and looking to get a home mortgage and take advantage of the $8000 tax credit, the time to act and get your Charlotte home mortgage rolling, is now!

Here is some good news! There are a five bills that have been introduced to Congress to extend the first time home buyer tax credit.  S.1230: Home Buyer Tax Credit Act of 2009,  H.R. 2801: Home Ownership Moves the Economy (HOME) Act of 2009,  H.R. 2006: Home Buying Credit Expansion Act,  H.R. 2619 and H.R. 2619.  All these bills offer various ways for homebuyers to benefit from buying a house; from increased tax credits, inclusion of all homebuyers (not just first time homebuyers), extending limitations of recapture requirements and adjusted gross income limits.  

Once Congress reconvenes, we will see if any of these or version of them will pass. Here is the bad news! There is less than 90 days for Congress to extend the first time home buyer tax credit and there are major issues (i.e. healthcare) that may take priority and push the tax credit to the side.

For now, we can either wait and see if the lobbying groups in DC can sway our lawmakers to believe that this is a priority or you can immediately contact a licensed mortgage professional to take advantage of the current $8000. As you may have heard your Grandfather say once or twice, "One in the hand, is better than two in the bush".

If you are a first time home buyer in North Carolina and want to ensure that you take advantage of the current $8000 first time home buyer tax credit, you should act now. As a reminder, the available FHA financing options are tailor-made for first time homebuyers.

If you are in the Greater Charlotte, North Carolina area and are thinking of buying a home and have more questions, please feel free to contact me personally. Call John "The Mortgage Smith" on my direct line at 704-299-5507

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