Buyers Must Hurry to Meet Credit Deadline

There’s still time for a first-time home buyer to complete a transaction before the tax credit expires Nov. 30, says Diann Patton, consumer spokeswoman for Coldwell Banker Real Estate.

But home buyers who have to apply for a mortgage should make sure they have all the necessary paperwork in hand. Patton advises that they’ll need to have tax returns, income verification and bank statements, as well as completed applications forms ready to submit.

Buyers in a hurry to claim the credit should also avoid short-sale properties, Patton says, because that process can delay closings.

Source: USA Today, Sandra Block (10/13/2009)