With the rush of new home buyers to get a home under contract by the Home Buyer Tax Credit deadline of April 30th, many home buyers may have put off working on their mortgage.
First of all, its decision time. Have you been pondering what sort of loan to get? Conventional, FHA, Rural Development are all different types of loans with different features and requirements. Your mortgage professional should have presented them to you with a recommendation for the best one for your situation.
If you have multiple choices, pick one now and get moving.
The deadline for closing those Home Buyer Tax Credit purchases is June 30th. Many lenders are seeing their loan submission increase, and its creating longer turn times. If you are under 45 days from the deadline, you need a lender who can move fast. More importantly, you need to provide what ever they ask for asap. As we approach the June 30th deadline, expect the escrow companies to get backed up as well.
The Home Buyer Tax Credit has created a wonderful opportunity for home buyers, don't let it get away because you waited too long.