$8,000 Tax Credit October 16th Safe Deadline for Financing

By
Real Estate Agent with BHG Real Estate - Kansas City Homes SP00229578 2007027091

 

The $8,000. Tax Credit Deadline is approaching.

First Time Home buyers must close by November 30, 2009 in order to claim the tax credit. If that sounds like you have 4 more months to look for a home, think again!

Who qualifies for the credit?

Mortgage Lenders in Kansas City, and elsewhere, are extending their time frame for processing a loan from 30 days to 45 days due to new requirements affecting the Truth In Lending Act (TILA) as well as the effect the Housing Valuation Code of Conduct (HVCC) has had on the process.  If you plan on financing with a mortgage, you need to allow 45 days for the lender to process your loan after the final contract is in place.

What is TIL and why do I care?

45 days before November 30 is October 16.

From Monday, 3 August 2009 until October 16 is 75 days. Unless you are paying cash, this is your deadline. If you are paying cash, your deadline for closing is November 30.

 

Can your lender get the loan ready for closing in less time?   Maybe but, for my clients, I am not recommending that they press their luck.

 

Posted by

Maria Morton,Realtor© Call 816-560-3758.  Google Maria

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Maria Morton of Better Homes & Gardens Real Estate is a licensed Real Estate Agent in KS & MO. 816-560-3758 Mobile 816-410-5499 Office 816-410-6302 eFax 435 Nichols Road Ste. 300 Kansas City, MO 64112   Maria Morton Copyright © 2008-2014 

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  1. Kathleen Ann Pacheco-Corbett 09/04/2009 04:17 AM
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Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

And you still have to be careful with that 45 days, remember if there is even the slightest adjustment to your APR, that could add 4-7 days on to your closing.

Todd Clark - www.LivingBeaverton.com

Aug 05, 2009 08:37 AM #1
Rainmaker
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Maria Morton
BHG Real Estate - Kansas City Homes - Kansas City, MO
Kansas City Real Estate 816-560-3758

Good point, Todd! Not to worry, I will keep my clients appraised of all the changes that will affect them.

Aug 05, 2009 03:16 PM #2
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Rainmaker
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Maria Morton

Kansas City Real Estate 816-560-3758
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