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Wednesday, October 21, 2009
New Listing - 2430 NW 4 Street, Miami, FL
Thursday, October 15, 2009
Essential First Time Buyer Tips
With the first time homebuyer tax credit window rapidly closing, do your part to make your deal close on time! Many first time buyers seem to think they can just be under contract by November 30, but that is not true!!!! The property must CLOSE by Nov 30.
Most lenders need a minimum of 30 days to close a loan and many will not guarantee that everything will be wrapped up by Nov. 30. And of course with the tendency to procrastinate....more and more people witll be trying to get their paperwork done as we come closer to the deadline.
From Tom KElly at Inman News, "FHA-insured loans can take longer, even with an in-house underwriter. If the lender must send the file to the investor to have it underwritten, the lender is at the mercy of the investor's workload. Underwriting time frames should be shorter now because overall volume is lower, but everyone in the lending industry expects a late tax-credit rush."
So as s first time buyer, do your part to help your loan close and pull together your documentation in advance:
•Copy of driver's license and Social Security card
•Pay stubs (covering most recent 30 days)
•W-2 and 1099 statements for 2008 and 2007
•Copy of 2008 and 2007 federal tax returns with all schedules
•Bank statements for checking, savings, money market, CDs and IRAs (covering past two months) including account number and bank.
And that is just to get started! Keep in close contact with your mortgage banker or mortgage broker to make sure that you comply with providing any additional information as quickly as possible!
For more information, visit the full article by Tom.
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Most lenders need a minimum of 30 days to close a loan and many will not guarantee that everything will be wrapped up by Nov. 30. And of course with the tendency to procrastinate....more and more people witll be trying to get their paperwork done as we come closer to the deadline.
From Tom KElly at Inman News, "FHA-insured loans can take longer, even with an in-house underwriter. If the lender must send the file to the investor to have it underwritten, the lender is at the mercy of the investor's workload. Underwriting time frames should be shorter now because overall volume is lower, but everyone in the lending industry expects a late tax-credit rush."
So as s first time buyer, do your part to help your loan close and pull together your documentation in advance:
•Copy of driver's license and Social Security card
•Pay stubs (covering most recent 30 days)
•W-2 and 1099 statements for 2008 and 2007
•Copy of 2008 and 2007 federal tax returns with all schedules
•Bank statements for checking, savings, money market, CDs and IRAs (covering past two months) including account number and bank.
And that is just to get started! Keep in close contact with your mortgage banker or mortgage broker to make sure that you comply with providing any additional information as quickly as possible!
For more information, visit the full article by Tom.
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