Homebuyer Tax Credit Expires on April 30, 2010
If you've been thinking about buying a new home, now is a great time to buy. The reasons are the homebuyer tax credit is set to expire on April 30, 2010, mortgage rates are still at historic lows, and home prices are down in many areas.
First-time homebuyers can get up to $8000 in tax credits while repeat homebuyers can get up to $6500. You still have time to take advantage of the homebuyer tax credit - if you act quickly. To qualify for the homebuyer tax credit, you must have a signed Purchase and Sale Agreement dated no later than April 30th. And, you must close on your new home by June 30th.
With the expiration date for the homebuyer tax credit fast approaching, I expect to see an increased demand for mortgages which could slow down loan approvals. Because of increased disclosure requirements, the home loan approval process can now take as long as 45-60 days from the time an offer is accepted until settlement. The appraisal process takes more time now because lenders can not collect fees for appraisals until 3 business days after disclosures have been sent to you. The underwriting process is also taking more time because lenders are being more cautious about approving loans.
As far as we can determine, there are no plans to extend the tax credit yet again. So, this will be your last chance to buy a home and claim the homebuyer tax credit.
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