The days and hours are ticking away for the homebuyer tax credit.Â Have you pick a house?Â Activity is picking up fast.Â Keep in mind that you have to approximately October 1, 2009 to get a property under contract with a seller.Â Â Â It will take approximately 6-8 weeks to close.Â Â A homebuyer needs to close on their home by November 30, 2009 to qualify for the government homebuyer tax credit.Â Keep in mind there is a holiday in this window and loan officers will not be available during this time.Â The 6-8 week period is an average processing time as long as things go smoothly.Â So if you have your eye on that house or are sitting on the fence, jump off and get running.Â You have about two weeks left.
First time home buyers get ready. One month from Tuesday is approximately how much time you have left to secure your sales contract on the purchase of a house, if you are going to qualify for the tax credit. It takes about 6-8 weeks to process a sale (as long as things go fairly smooth). Here is some additional information about the exisiting rates. It is still a buyers market with plenty of inventory to choose from. Take advantage!
“Long-term mortgage rates remain near record lows, despite rising slightly this week. Freddie Mac reported that average interest on a 30-year fixed loan was 5.14 percent, up from 5.12 percent a week ago.
Rates for 15-year home loans, meanwhile, rose to 4.58 percent from 4.56 percent last week.
Source: Pittsburgh Post-Gazette (08/28/09)”