By NOW! I mean if you have not called a loan officer to get qualified, found a property and made an offer you're dangerously close to missing the First Time Home Buyer's Tax Credit. I know what you hear in your mind, "it's good through the end of November." You would, of course, be correct in so saying. Your correctness would be equivalent to leaving New York City for a trip to Tokyo to see your best friend's wedding which happens at 5PM your time and you are getting on a jet at Noon your time the day of the event. In other words it's "possible" you can make it on time but not very likely with the available equipment.
I know there will be loan officers and others reading this who will say, "shoot man I can close a loan in 8 days". Well, so can I. But it's by far the exception and not the rule. If you are a first time home shopper and you are reading this pick up the phone right now and call your local loan officer. If you just have questions feel free to phone me at 678-439-8683 and I can answer some questions for you.
Here are some pointers to speed the process and hopefully close before the end of November:
- Get prequalified right now, today. Not in a minute RIGHT NOW.
- Once you are prequalified ask your loan officer for a list of "findings" this will likely include:
- Last two years of tax returns all pages all schedules
- Last two months of bank statements on all accounts all pages (ALL pages)
- One month's worth of pays stubs (if you get paid weekly that's FOUR)
- Name of your landlord and their contact information for rent verification
- Explanation of any credit checks that have been done on you in the last 90 days
- A clear (CLEAR) copy of your driver's license (photo ID) and Social Security Card
- If your down payment is a gift a GIFT LETTER and supporting documentation (the giver's paper trail from their bank to you)
- Name and contact information for your preferred home owner's insurance agent
- Be prepared to get more stuff and don't argue with the loan officer or processor - JUST GET IT
If your home purchase closes on or after December 1st, as it stands today and there is no reason to believe it is going to change, you will NOT be eligible for the tax credit. Trust me, there will be hundreds, if not thousands, of people nationwide who think they are going to qualify for the tax credit who do not get it because they started too late. Today is getting just about too late.
So what are you going to do right now? Right CALL A PROFESSIONAL, EXPERIENCED LOAN OFFICER!
Ken Cook - Community Outreach Leader Southeast Region (I make friends, that's my job :) - FHA, USDA, VA and Conventional Home Loans (678) 439-8683 NMLS ID 208452
My employer: AmericaHomeKey, Inc., 2300 Windy Ridge Parkway, 8th Floor North Tower - 840N, Atlanta, GA 30339. NMLS ID 102930. Georgia residential mortgage licensee 23191. Equal housing lender.
