Ask The Mortgage Broker… “Mad Rush of First Time Buyers wanting to take advantage of the $8,000 Tax Credit?”
As part of a new series here at TimandJulieHarris.Com, Brian Brady, “America’s Number 1 Mortgage Lender” will answer mortgage/finance related questions submitted by readers and Harris Real Estate University staff.
Today’s “Ask A Mortgage Broker” Question:
“Brian, are you seeing more applications from first time buyers looking to take advantage of the 8,000 tax credit in order to take advantage of the program before the 12/1 deadline? If not yet, do you think a “mad rush” is going to happen soon, or not at all?
Brian’s Answer
THAT is what’s happening? We’ve been REALLY busy these past two months but I haven’t heard people cite the first-time home buyer tax credit as the reason. Mostly, it’s been people rushing to take advantage of lower prices.
I suspect there is going to be a MAD rush after Labor Day so my advice to agents and customers is to get applications in now. Approvals are good for 4 months so it makes sense to get approved today. I suspect we’re going to see a lot of disappointed buyers when that December 1, 2009 deadline passes.
This is an EXCELLENT reason for agents to call everyone they know right now.
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