The $8,000 first-time home buyer credit expires on November 30, 2009. Normally, I'd suggest that a home should be in escrow by November 1, 2009 to guarantee that the escrow closes in a timely fashion but the lending industry operates on a skeleton staff today. I'm recommending buyers, hoping to claim this tax credit, secure properties for purchase by the end of September.
The mortgage industry was heavily backlogged, last year when the Nehemiah Down Payment Assistance PProgram was repealed by HUD regulations. Sadly, procrastinating buyers lost the opportunity to get a no down payment FHA loan when the escrow didn't close by the expiration date.
Don't let this happen to you.
Apply online now. It's really simple and should take about 20 minutes.
