Last Chance??? Rates at 5% and $8000 Tax Credit Expires 12/1/09
Thursday, October 8th, 2009If you’ve been waiting on rates to drop to refinance or take advantage of the $8000 first-time home buyer tax credit, you’re running out of time. Rates are down again but, for how long is anyone’s guess. A first-time buyer wanting the $8000 tax credit must close by 12/1/09. Most lenders are setting deadlines on when they will accept an application and still be able to guarantee closing in time to meet the 12/1/09 deadline.
In addition to full pipelines for many lenders, there are 4 federal holidays, one of which is Thanksgiving which includes Friday as a holiday in some areas, between now and 12/1/09. Most likely, if you haven’t already found a home to buy or are not already in process of negotiating a contract for sale, it is too late to get into the queue for closing by the deadline. If you’re going to try or have already initiated the process, be certain that you are prepared to meet lender requests for documentation, etc. immediately to ensure your loan process is as streamline as possible.