To be eligible for a tax credit of up to $8,000, first-time homebuyers have until the end of business on November 30, 2009, to close their loans. There has been discussion that some members of Congress want to extend and increase the homebuyer tax credit. It remains to be seen if an extension or enhancements will be made.
Historically, it has taken 45 to 60 days to close a loan. However, new appraisal and disclosure requirements that recently took effect may add extra time to the closing process. To be certain homebuyers can take advantage of the tax benefit – as the law stands today – interested buyers should apply for their loan no later than the beginning of October to be able to close the loan prior to the deadline.
Kerry Riley
Kerry@kerryriley.com
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