Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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.
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.
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?
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.
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. :-)
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.
Thanks rjrcm and Hoffman. I talked to a different lender and they agreed that the other lender was incorrect.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.