Friday, August 14, 2009

First-time homebuyers

Congratulations, Pat and Holly! They just closed on their first house in Devonshire in the north end of Columbus. I know they are excited to get started on home improvement projects and move in over the next few weeks.
If you are thinking about purchasing a home and are eligible for the first-time homebuyer tax credit keep in mind that you must close by the end of November. Lenders have been much more strict than they have been in the past and the process of getting a loan is taking longer. Since the average time to close on a loan is now 45 days I am recommending to all of my buyers that they are in contract on a home by the first of October in order to have enough time to close, just in case lending gets delayed.

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