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To qualify for the tax credit you have to be under contract by 4/30 and close by 6/30. I wouldnt count on another extension. Break your lease and dont let this opportunity pass you by.
Thank you all for your assistance! The consensus is that the tax credit will not be extended. I just did another thread on the renting/breaking the lease issue and a real estate agent mentioned that the mortgage company won't be happy with this. Anyone second this statement?
Thank you all for your assistance! The consensus is that the tax credit will not be extended. I just did another thread on the renting/breaking the lease issue and a real estate agent mentioned that the mortgage company won't be happy with this. Anyone second this statement?
Skeet, they will just need to be unhappy. Read you lease and weigh the financial options of breaking the lease. If you close by June 30th, you will be 3 months off from the end of your lease, can you afford that penalty?
Skeet, they will just need to be unhappy. Read you lease and weigh the financial options of breaking the lease. If you close by June 30th, you will be 3 months off from the end of your lease, can you afford that penalty?
My lease ends September 1st. We gave last month's rent when we first moved in 4 years ago so that would take care of August. We would only need to pay July which we are able to handle and June if need be.
The real estate agent gave you bad information. The lender will not have a problem with you breaking a lease as long as you do it the correct way. If you walk from the lease, that could be an issue, if you follow the contract on how to break it you will have no worries.
Or it seems in this case you will not break the lease, as you will make all payments required.
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