If you're still shopping for a home thinking you'll be able to close and get in on the $8000 potential 1st-time buyer credit, you may be out of luck. If a bank or credit union guarantees they can get it done - you might not want to believe them.
I'll clue you in to secondary market vs. in-house loans. An in-house loan can be closed in time to meet the 11/30/09 deadline for this tax credit, but secondary market loans are iffy at this point.
In-house loans can be done fast. These loans will NOT BE a 30-year fixed rate. Rates will probably be a bit higher, and you'll need at least 10% down. If you don't want to jump through all the hoops, this is your only option.
Otherwise, for 30 year fixed, with 3.5% down (FHA) or Zero down (Rural Housing) at low rates, we can not speed things up to get the loan done. FHA might squeak by in time, but no guarantees. Rural Housing I would bet can not be closed in time. They are backed up nationwide.
If you plan on buying by 11/30, give me a call to discuss your options. I'm not going to paint you a rosie picture or blow smoke - you'll get the truth from me.
Give me a call or e-mail me.
Jolyn - the MORTGAGE EXPERT
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