Homebuyers who have had contracts that were accepted prior to May 1, 2010 but who have not already closed will now still be eligible for the tax credit. The deadline to close has now been extended to September 30. In addition to this extension, buyers also have another advantage, mortgage rates are at record lows and according to Freddie Mac have fallen over .375-.50% since the end of April .
With interest rates this low, this could effectively reduce a buyer's monthly payment over $600-800 a year on a $200,000 30-year fixed rate loan!
If you are a homebuyer who is having difficulty obtaining a home loan, it is important that you act quickly to avoid missing this tax credit before the extention runs out. Keep in mind that eventhough you may have been unable to get a loan closed so far, it does not mean that it may not be able to close.
Joan Sergenian of the Fairway Team will review anyone's situation free of charge and offer her expert advise on how to move forward and she will act quickly to address the situation before the credit expires.
It's important to note that the Homebuyer's Tax Credit extension only applies to people who were under contract by the initial April 30th deadline. Homebuyers who entered into contracts after April 30th remain ineligible for the tax credit.
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