Countdown: 65 days until the deadline for first-time buyers to get your contracts written – Do you feel the frenzy beginning as we approach the deadline for first-time buyers to get their contracts submitted to qualify for the stimulus credit? As of today, February 23, 2010, the April 30th deadline is 65 short days away. 
The phone is beginning to ring daily with calls from first-time buyers just beginning the process. Yesterday I received a call from a first-time buyer who had yet to speak to a Lender.
First-time buyers – please take notes! You must speak to a Lender first to know whether you qualify and for what amount you can qualify. Unless you are using VA financing or a Rural Development loan, you will need a minimum 3.5% down-payment which can be gifted from a family member.
There are also closing costs associated with your home purchase, and while you can ask for Seller assistance for much of this cost, there are limitations.
65 days until the deadline for first-time buyers to get your contracts written
Are you prepared to purchase? Do you have money socked away for the down-payment and closing costs, earnest money, appraisal and inspections? Do call a Realtor or a Lender if you don’t know where to begin, but do it quickly.
The process of underwriting your loan is tedious and a good Realtor will NOT take you house-shopping until you are approved for a loan. You don’t want to look at $150,000 homes, only to find out that you can only qualify for a $120,000 home – you’ll be disappointed!
The stimulus credit is a great incentive for first-time buyers who can purchase a home and keep their mortgage payment (including property taxes and homeowner’s insurance) at or below the amount currently paid in rental payments.
The stimulus credit is a great incentive for first-time buyers who feel secure in their employment.
If you are just beginning the process of your home purchase, please visit my Preferred Vendor list to locate a mortgage Lender to call. In addition to getting qualified, you still have to shop, so 65 days is not a lot of time. Once you know how much you can spend, please call me to set up a customized home search for you.
65 days until the deadline for first-time buyers to get your contracts written – we can do it! Get started today!
Lori is a residential Realtor serving the greater Tulsa area, and specializing in midtown Tulsa real estate. Please visit Lori’s web site, LoriCain.com or call 918-852-5036.
