Mortgage Underwriting Processing Time Yes, things are taking longer. It’s usually because the underwriter wants more information from the appraiser, but in general we are seeing more underwriting conditions so please allow at least 60 days from the loan application for your buyer to be approved. If you are a buyer and you are getting a rural loan it may take as much as 90-120 days to get to closing...please be patient...we all want the process to move quickly. However guidlines and underwriting can change on a daily and hourly basis, and lending institutions are being evermore cautious. Remember...you want your transaction to be done right. $8000 First Time Buyer Tax Credit EXTENDED to April 30,2010 Step up Step down Buyer's can also now recieve $6,500.00 if you have owned a home for 7 yrs and have lived in the home for a minimum of 5 year period. CALL A REALTOR TODAY AND GET STARTED ON YOUR PATH TO HOMEOWNERSHIP...STOP PAYING FOR THE LANDLORDS MORTGAGE AND PAY YOURSELF. Just a quick reminder - it cannot be used for closing costs and down payment. Buyers can get it this year by filing an amended tax return but they can’t use it at closing. I can understand why you might be a little confused about this issue because there WAS an announcement about getting the money sooner, but that involved advancing funds against the tax credit and to date, no companies have stepped up to the plate to advance those funds. But it does not hurt to ask the Lending institution you are working with for your loan. Don't forget, it you don't ask you can not recieve it. And a "No answer" hurts no one. THINKING OF BUYING, INVESTING
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