November 30th is the deadline for the $8K First Time Home Buyer’s credit

Based on the recent volume of calls my team has received and the large number of outstanding Pre-Approval letters floating around out there, we predict there will be a mad rush in the mortgage market beginning mid-October.  It is crucial that buyers and agents are aware of the deadlines and the timelines for financing on a Conventional or FHA loan, which I have outlined below. 

Also, keep in mind the turn time for SPOT Condo Approvals, as the process is going to change on November 2, 2009.  For SPOT approvals, my preferred lender (Dean Wong at First Capital Mortgage) is running 5-7 business days from receipt of full HOA docs.  Most other lenders are running 21-30 days from receipt, which will absolutely impact your closing time.    

More so now than ever, you need a lender and an agent that you can trust, who has never let you down, and delivers each and every time.  There is nothing worse than chancing your $8K refund on a lender that won’t be able to deliver. 

Can you imagine finding out you will lose $8,000 because your lender was just ONE DAY LATE?? 

Here are some key dates to keep in mind going into Q4: 

            FTHB Tax Credit loans must be submitted to underwriting by November 2

            FTHB Tax Credit loans must have all outstanding underwriting conditions submitted by November 16

            FTHB Tax Credit loans must be fully cleared in underwriting by November 20

FTHB Tax Credit loans must FUND by November 25, as Banks and the County will be closed November 26 & 27 for the Thanksgiving holiday

            FTHB Tax Credit loans must RECORD by November 30
As always, please call (310-420-1149) or email (Thomas AT LAexclusiveProperty.com) me for any questions regarding how to chose a lender.
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My Blog: www.RealEstateBlogLA.com