Tax Credit Going Away???

Tax Credit Going Away?

I keep getting the question as to the first time homebuyer's tax credit. I even heard one gentleman tell me that the credit is going to improve!! I dont think he controls that but.... I sounds like an optimistic thought to me.

With only a few months left, we will soon see folks that enter the buying process in a rush to get their purchases closed before December 1, 2009 when the tax credit expires. We CONSTANTLY get questions on whether it will get extended, or even may be raised. Keep in mind that any changes require consensus and there is a tremendous amount of legislation focused on mortgage/banking regulation and healthcare. As it stands now there will be some great folks that will close November 30th (he, he) and other nice folks that close December 1st and I assume both will get great deals but on will qualify for the $8,000 tax credit and one will not. With all the changes in financing, many companies are at 45-90 days to close a mortgage loan, while we remain at 30 days, we still encourage people to start the financing process if you are interested in purchasing.

I really think anyone interested in the credit push should get a preapproval in process. Call me for some good mortgage leads.