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Old 04-22-2010, 09:22 AM
 
Location: Birmingham
22 posts, read 52,437 times
Reputation: 19

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I have a question about the April 30th deadline. A bank mortgage rep told me that if I am pre-approved for a loan by the April 30th deadline I will be still be eligible for the first time home buyer credit. The rep said I didn't need to have a offer submitted to the seller. The rep said they will need the address of the property I am interested in and the property tax for that location so I can be pre-approved. Is this true? I thought a offer must be submitted to the seller by April 30th in order to be eligible for the tax credit.
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Old 04-22-2010, 09:24 AM
 
Location: Tempe, Arizona
4,511 posts, read 13,535,908 times
Reputation: 2201
The bank rep is incorrect. You need an executed purchase contract by April 30th (signed by both buyer and seller). An unaccepted offer will also not be good enough.
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Old 04-22-2010, 01:11 PM
 
124 posts, read 527,089 times
Reputation: 87
What about a contract that's signed by April 30 then amended after April 30 but still closed by June 30 deadline, e.g. amended to reduce price based on appraisal?
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Old 04-22-2010, 01:14 PM
 
Location: Tempe, Arizona
4,511 posts, read 13,535,908 times
Reputation: 2201
Quote:
Originally Posted by sportsgal View Post
What about a contract that's signed by April 30 then amended after April 30 but still closed by June 30 deadline, e.g. amended to reduce price based on appraisal?
Not a problem, it's still a valid contract by April 30th and after the amendment. The amendment does not create a new contract, it just modifies the existing one.
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Old 04-22-2010, 01:16 PM
 
124 posts, read 527,089 times
Reputation: 87
Quote:
Originally Posted by rjrcm View Post
Not a problem, it's still a valid contract by April 30th and after the amendment. The amendment does not create a new contract, it just modifies the existing one.
Thanks! Good to know. Can't rep you any more today. :-)
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Old 04-22-2010, 11:48 PM
 
Location: Columbia, SC
10,907 posts, read 21,868,550 times
Reputation: 10539
Quote:
Originally Posted by greatone54us View Post
I have a question about the April 30th deadline. A bank mortgage rep told me that if I am pre-approved for a loan by the April 30th deadline I will be still be eligible for the first time home buyer credit. The rep said I didn't need to have a offer submitted to the seller. The rep said they will need the address of the property I am interested in and the property tax for that location so I can be pre-approved. Is this true? I thought a offer must be submitted to the seller by April 30th in order to be eligible for the tax credit.
1- Find a Realtor that you trust and get a ratified contract in place by the end of April. Then you close it by the end of June. Then you can get the credit if you're eligible.
2-Find a new lender that knows what they are talking about. Your Realtor can likely recommend someone.
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Old 04-23-2010, 11:34 AM
 
Location: Birmingham
22 posts, read 52,437 times
Reputation: 19
Thanks rjrcm and Hoffman. I talked to a different lender and they agreed that the other lender was incorrect.
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