Time is running out for first time home buyers using FHA (Federal Home Administration) financing and hoping to make the November 30th deadline in order to qualify for the $8K first time home buyer tax credit. One of my listings received multiple offers over the Labor Day Weekend as FHA buyers rushed to make offers with closing dates in November.
FHA mortgages take longer to process than conventional loans. Buyers using FHA financing who don’t already have a home under contract are already risking missing the November 30th deadline to close on their home purchases. One unexpected event could push their closing date past the deadline losing them the $8K tax credit.
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