I'm surprised by how many folks I've spoken with who are still undecided about whether to buy their first home before the tax credit expires on November 30. As a homeowner, I know that no one wants to feel rushed into making such a big decision. But there's a storm coming in the last two weeks of November and if your ducks aren't in a row, you might be towed under.
Thousands of prospective homeowners out there are going to jam the schedules at mortgage lenders and title companies all over Texas, overwhelming underwriters and selling out closing appointments like they were Springsteen tickets. Throw in the new HVCC (Home Value Code of Conduct) guidelines that require appraisals on conventional loans to be subject to appraisal review committees, and an appraisal report can now take a week to come back versus a few hours.
Oh, and the last full week of November is basically a goner. You can thank your Congress for scheduling the tax credit expiration just after the Thanksgiving five-day weekend.
Shoot for a closing by November 12 - - - or you might as well stuff $8000 into the turkey.