| If you are thinking about buying a home and taking | | | | approve your loan. If the deal falls apart, you still have |
| advantage of the Homebuyer Tax Credit of up to | | | | time to find another home. |
| $8,000, if you wait too long, you could run out of time | | | | March 1, 2010 - Start shopping for a home. You may |
| and your contract for purchase could go bad, the April | | | | get lucky and find a home immediately and be happy |
| 30th deadline may pass, and then you miss out on the | | | | with your choice. For others, once they start looking, |
| tax credit. | | | | they may realize that based on what type of home |
| For example, if you wait until April 15th to find a home | | | | they are getting for their money, they may need to |
| to purchase and go under contract, if there are | | | | expand their search into other towns and |
| financing issues, home inspection issues or seller issues | | | | neighborhoods. Between work schedules and living life, |
| that come up after that contract that can't be resolved | | | | the last thing one wants to do is be preasured to pick |
| and that contract is cancelled, you may not have | | | | a home. If you are searching for foreclosures, you will |
| enough time to find another home and go under | | | | definitely need to allow more time as someone else |
| contract by the April 30th deadline. | | | | may come along, like the same home that you do and |
| When you go under contract to purchase a home, not | | | | offer a bit more money stealing the deal away from |
| all deals happen either because of financing issues, | | | | you. |
| home inspection issues, seller issues, or some other | | | | February 15, 2010 - Get Pre-approved. You will want |
| unexpected or unplanned for situation that would | | | | to sit down with a highly qualified mortgage |
| cause that contract to be cancelled. If your deal is | | | | professional who will take the time to help you |
| cancelled shortly before or after the deadline of April | | | | determine how much home you can afford to buy |
| 30, 2010 to be under contract to qualify, you could be | | | | (you can read the article on this blog on "How to Find |
| out of luck. Remember, to qualify for the tax credit, | | | | A Mortgage Professional"). You will need to allow a |
| you have to be under contract by April 30, 2010 and | | | | week for this process to take place as in some cases |
| close by June 30, 2010. | | | | you can be pre-approved the same day, while in other |
| Here's a backwards timeline: | | | | cases it might take a few days. |
| April 1, 2010 - This date should be your deadline to find | | | | Since this is February 1st, you will want to get the ball |
| a home. This will allow time for the home inspection, | | | | rolling if you plan to take advantage of the Homebuyer |
| time for any issues from the home inspection to be | | | | Tax Credit. |
| worked out, and time for the lender to conditionally | | | | |