This week, it has become extremely obvious that a mortgage nightmare is just around the corner.  With the First-Time Buyer Tax Credit coming to an end on November 30^th, first-time buyers have decided to get off the fence and take advantage of this once-in-a-lifetime opportunity.  So here’s the problem that awaits us.

Already many lenders are taking more purchase loans than they can process on time.  CitiMortgage went from a two-day turn around time to an eight-day window almost overnight.  As more first-time buyers decide to purchase, this situation is only going to multiply.

So, what’s the problem you ask?  The fact that buyers must settle by November 30^th in order to be eligible for the $8,000 credit.  The fact that if lenders cannot get these loans through underwriting on time, many buyers could end up settling after the November 30^th deadline and losing out on the government incentive.

If you are a first-time buyer, what should you do?  Get out there and start house hunting right now – today, in fact.  Plan on having a contract on a home by the middle of September and choose a settlement date well in advance of November 30^th.

Time is running out!  Don’t get caught up in something that promises to be a mortgage nightmare.

On September 9^th, 7:00-8:00 p.m., we are hosting a FREE First-Time Buyer Seminar at SunTrust Bank, Mays Chapel Branch.  If you are thinking about buying a home, you should definitely attend this information-packed hour covering everything from getting pre-approved to writing an offer to settlement day.

We’d love to see you there and if you are reading this blog and thinking about whether or not to attend, consider this a personal invitation.  You don’t really have time to think anymore – it’s going to take determined action to get you into a home in time to be eligible for the tax credit – and we want to make that happen for you.

Looking for a bargain in this market to make the tax credit go further?  Check out our BEST BUYS!  Each week we scour the market and select 3 homes that we think are real deals.

Wondering if you should continue renting?  We’ll take a look at your situation and do a personal analysis for you.

Hope to see you at the seminar.

Wishing you sunshine everyday and the home of your dreams,
Jeri