The time line on the $8000 tax credit ! It ends on Friday April 30th, 2010. Dead line to have an accepted Contract!
You have to close by June 30, 2010 if you want the $8000 federal tax credit. This means in essence you have to have an accepted contract on your New Orleans Home or Condo by April 30, 2010. Lets put this int0 a time line so you can get started this month. $8000 is real money!
Jan 2010- get an idea of what you are looking for in terms of price, stlye, location, bedrooms and the rest of your criteria. You cannot do this in a week so you need to start now. See a lender now so you can get the numbers out of the way. Nail down the lender as this can delay the process. Chosing someone local is the best way for success. With the various new rules in effect give yourself an extra week. Time to do your homework is now!
Feburary 2010 Search begins– Start looking so you can narrow your choices down to the best 2-3 places. Be realistic in pricing and the condition. This part of the search can take 30-40 days. You can find the best things much sooner if you do your homework. Mardi Gras and Super Bowl will knock some days out. Feburary is short being only 28 days and then minus the stuff that happens. Know how you will finance by the end of the month.
March 2010-The Chosing stage– Narrowing it down and getting ready to write the offer. You have to get an offer written and accepted in March or April. Its the time to get the all the details worked out. Easter will knock some days out. You have to get Inspections set up and started. The condo documents need to be read and reviewed. The lenders will have to review the condo associations books and insurances. Give an extra week if its an FHA Loan. Remember the lenders just take longer these days.
April to June 30, 2010 final stages– The appraisal, loan processing, Inspections all should be wrapping up in April and May. Give yourself time for someone to screwup as it happens often. The title work still has to be done. The finish line is in site. If you miss the deadline for any reason then you miss the money.
The Repeat Buyers
The repeat buyers can qualify for a $6,500 tax credit if they’ve lived in their home for five consecutive years of the last eight. Repeat Buys need to understand that as long as they’re buying a new primary residence, they’re not required to sell their current home right away—or at all. In the meantime, they’re able to take advantage of today’s lower home prices and historically low interest rates.