Story for those in the process of closing on home...

[melikey]

When we were purchasing our home in 08' the closing date got pushed back a couple of times for one reason or another, I think due to title work issues. A new closing date was finally set for December 15th. I could no longer stand the delays so I drew a line in the sand and said, That's it! We close on December 15th or we walk and find something else. The broker was great and made it happen (he happens to be a member of this forum). We ended up closing on December 15th! Yay!! Just in time too because we were getting the $7500 federal First-Time Home Buyer Credit which expired on 12/31. The credit included a 15-year repayment requirement

 

Fast forward a few months later and Congress decided to increase the First-Time Home Buyer Credit from $7500 to $8000. In addition, the credit has no repayment requirement... retroactive to all loans that closed on or after 01/01/2009. I closed two weeks prior to this date because I pushed it.

 

Moral of the story? Patience is a virtue

 

Good luck to everyone that's waiting on their closing!

 

Best wishes!

[Mo Munny Mo Problems]

Wait, let me get this straight...

 

Now you can get a First Time home buyer credit of up to 8k...without having to repay it?

 

R u serious?

 

Cuz im just about to buy a house lol. This would be crazy

[melikey]

Wait, let me get this straight...

 

Now you can get a First Time home buyer credit of up to 8k...without having to repay it?

 

R u serious?

 

Cuz im just about to buy a house lol. This would be crazy

Nope all over... 2009 - I think 2011.

[melikey]

Just a story about patience during the closing process

[Mo Munny Mo Problems]

Oh i get it lol.

 

Too bad cuz i owe taxes and probably will every year from here on out :/ boo

[Mo Munny Mo Problems]

Congrats on the extra cash !

[robert217]

I'm glad I waited till 2013 when prices have gone up 20% and there is no IRS incentive. It can also be a curse

[hrguy]

It was a gamble either way melikey, who would have known.

 

Good point though

[Mo Munny Mo Problems]

im sure there will be more and hopefully, better incentives in the future

 

Stay Positive

[melikey]

I'm glad I waited till 2013 when prices have gone up 20% and there is no IRS incentive. It can also be a curse

I meant patience is needed throughout the mortgage process However, yes for some of us patience is needed before even thinking about purchasing at all! I see people on here all the time talking about how they owe the feds money, they have kneecap breakers hounding them... but their biggest concern is trying to buy a house in the next 30 days OK just kidding.... kinda

 

 

 

P.S. Robert you're still far better off than most folks that purchased in 2005. I missed the bottom when I purchased in 08' I was off by a year. How do you know though?

Edited June 19, 2013 by melikey

[hrguy]

 

I'm glad I waited till 2013 when prices have gone up 20% and there is no IRS incentive. It can also be a curse

I meant patience is needed throughout the mortgage process However, yes for some of us patience is needed before even thinking about purchasing at all! I see people on here all the time talking about how they owe the feds money, they have kneecap breakers hounding them... but their biggest concern is trying to buy a house in the next 30 days OK just kidding.... kinda

 

 

 

P.S. Robert you're still far better off than most folks that purchased in 2005. I missed the bottom when I purchased in 08' I was off by a year. How do you know though?

Talk about it! The week after closing, the rates dropped to 3.75, and I got stuck with 4.75% Things can change in an instant.

Edited June 19, 2013 by hrguy

[Redskin547]

When we were purchasing our home in 08' the closing date got pushed back a couple of times for one reason or another, I think due to title work issues. A new closing date was finally set for December 15th. I could no longer stand the delays so I drew a line in the sand and said, That's it! We close on December 15th or we walk and find something else. The broker was great and made it happen (he happens to be a member of this forum). We ended up closing on December 15th! Yay!! Just in time too because we were getting the $7500 federal First-Time Home Buyer Credit which expired on 12/31. The credit included a 15-year repayment requirement

 

Fast forward a few months later and Congress decided to increase the First-Time Home Buyer Credit from $7500 to $8000. In addition, the credit has no repayment requirement... retroactive to all loans that closed on or after 01/01/2009. I closed two weeks prior to this date because I pushed it.

 

Moral of the story? Patience is a virtue

 

Good luck to everyone that's waiting on their closing!

 

Best wishes!

Its funny how the title company gets blamed for delays when it is almost always the lenders underwriters who delay the closing. The title work is done first and given to the lender then after all underwriting conditions are met a clear to close is given.

[CG in TX]

I closed in February 2009 and was stuck at 4.75% also, but I did get the $8K that I didn't have to repay. Best of all, I was leasing the house when it was foreclosed by Countrywide...they had a twit of a realtor that had a really bad attitude telling me I had to move right then, blah blah blah, threatened to evict me, etc. I went around him to Countrywide through a realtor friend of mine, and bought the house for $50K less than the appraised value.

[hrguy]

I closed in February 2009 and was stuck at 4.75% also, but I did get the $8K that I didn't have to repay. Best of all, I was leasing the house when it was foreclosed by Countrywide...they had a twit of a realtor that had a really bad attitude telling me I had to move right then, blah blah blah, threatened to evict me, etc. I went around him to Countrywide through a realtor friend of mine, and bought the house for $50K less than the appraised value.