There are 2 great reasons to buy a home now. The first one is, the first time home buyer tax credit is going to expire November 30th. and the second one, Interest rates are low.
The home buyer tax credit is going to expire on November 30th of this year. If you are planning on cashing in on this credit you need to get pre-approved for a mortgage or gather up your cash right now and then get out an find a home you want to buy. In many cases closing on a home purchase can take some time especially if you want to purchase a home that is being sold on a short sale. Short sales are being completed faster than they were in the past but some banks are still taking over 3 months to get them to close.
Interest rates are very low at this time, rates are hovering around the the 5% mark on many programs, but guidelines have tightened up and people that could have qualified in the past aren’t getting qualified today. Buyers need to consult with their mortgage loan officer to make sure they can qualify and if they can’t, determine what they can to so they can qualify soon to get the first time home buyer tax credit.
Contact me directly at 612-267-7093 with you have any other questions about buying a home.
Tags: Banks, Buying A Home, First Time Home, First Time Home Buyer, First Time Home Buyer Tax Credit, Interest Rates, Mortgage Loan Officer, Time Home Buyer, Time Rates, Twin Cities