Buyers should be aware that the time is quickly approaching that the first time home buyer’s tax credit will come to an end. The ending date is 11/30/09 but if you think you have till November to start looking and make your decision then you will definitely miss out. Keep in mind that unless you are paying cash there are variables you must consider. If getting a loan then you have to break that down into 3 segments; conventional, FHA and VA. For this analogy we will break this into two. Conventional, this will be slightly quicker as less 1st time home buyers are using this method. FHA applications have quadrupled in the last year due to the new lending restrictions. What that means is the normal FHA/VA loans take a week or two more than a conventional loan.

The next thing to consider is that like most people everyone has sat around waiting for the best deal. Now time is short and everyone that was sitting around has decided to get off the fence. There will be a surge of applications towards the end of the program. This means slower than normal loan approval and turn around for all loans conventional, FHA and VA.

Bottom line is “those who wait will miss out”! If you haven’t already done so then I would suggest making the short list soon and making your offers. Try to lock something in by 10/15/09 at the very latest so that you don’t miss out.

Oh, and for those of you that are saying “but the government might extend it”. Well I say look at the “Cash for Clunkers” program, it ended when they said it would.