There is much speculation on whether or not Congress will extend the current Home Buyer Credit. What we do know for certain is that to obtain the $8,000 First Time Home Buyer Credit or to be eligible for the Move-Up Home Buyer Credit, clients will need to be under contract by April 30th, and closed by June 30th.
Last fall, Congress did extend the Home Buyer Credits - but as of today we have no firm indications that Congress will repeat the extensions. For clients to capitalize on the current Home-Buyer credits, they will want to begin the preapproval process with their lender as soon as possible. It is also important to remember that it takes time to find and negotiate on a home; and once this is completed clients will need to allow about 4 weeks for the underwriting and closing process to be completed.
It's not too soon to begin this process! General real estate indications are reflecting some improvement in the real estate market - see my link "The Skinny" for more on this!
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