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 - Web coder (I write the programs that make the whole world zing!) (678) 439-8683 Anything your mind can conceive I can create - online that is!
Social Media Edge Radio - seriously true professionals who won't misguide you with some crap they made up to sell more books and seminars. Every Tuesday at Noon eastern.
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NOTICE: I have been writing in this blog since July 2006. Some of the older articles may contain information that has changed. Please check the date and phone me if you have any questions.
I have some that are currently looking - I can procrastinate at times, but not when it comes to $8000!!
$8,000 is quite a motivator!
Of course $8,000 is not always $8,000, but 10% is still very helpful.
If you don't object I'll re-blog this, your message can't be repeated often enough!
Bill
Bill have at it. You know on December first we're going to have some screamer stories no matter what we do right now to prep for the day.
Yepper....up against some serious time restaints. Unless...it gets extended. What do ya think?
Not likely Bryant but who knows.
Don't I know it... And I'm happy to help first timers make something happen, but miracles are a tall order right now... The fence is getting pointier.
Lane - that made for a strange mind picture. I could see all these people sitting on the fence then all of a sudden start popping off like popcorn. I hope were here SOMETHING tomorrow but I can't guarantee it as you know.