Pat Maher

For the first time buyer time is getting shorter than they realize.

As of this time the tax credit expires and homes must be "funded" by November 30th. In New Mexico there is a closing and hopefully the funding is the following day. The bank gets the documents from the closing and has a chance to re examine them. If everything has gone well they release the funds and we have "funding".

There is a new regulation that gives the home buyer three business days to examine the financial papers . If there is a discrepancy in the numbers the document must be redone and the three business day wait restarts.

November 30th is the Monday following the Thanksgiving Day weekend. So I recommend looking to close no later than the week of November 16th. Given the time necessary for underwriting , inspections and repairs and appraisals. I recommend making offers in September to make certain to get the tax credit money.