Beat the Clock on the First Time Homebuyers Credit - WTVM.com-Columbus, GA News Weather & Sports

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Beat the Clock on the First Time Homebuyers Credit

By Zaneta Lowe  - bio | email | Twitter

COLUMBUS, GA (WTVM) - "It's been that little extra push," explains Coldwell Banker Mortgage Advisor Cathy Hodge.

If the first time homebuyer's tax credit has served as a push for consumers to get back into the market.  Some are now hoping a shove will get them over the deadline hump.

Although Congress could extend and expand the credit, it's set to expire at the end of the month.

"It's important that you do it and that you do it now, and I would say if you don't do it by the end of the week, it'll be too late," adds Hodge.

Hodge says it's literally a race against the clock.  The holiday makes November a much shorter month. Hodge says that leaves only about 16 business days left to get the loan closed.

"So you're not only fighting a short time frame, but you're also fighting a pipeline of people ahead of you who have already gotten to that point."

So, if you are in the process, how do you get to that point?

"Come prepared with your income documentation, your pay stubs, your last two years W-2 forms, you want to have your most recent bank statements for the last 60 days and you want to have a fully executed contract," says Hodge.

Hodge says if all the paperwork is in order you stand a better chance to close by November 30 and take advantage of the credit.

"If you don't, you haven't applied by the end of this week and for some reason that tax credit is not extended, you're out!"



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