Several deadlines right around the corner!

If you are looking to buy soon, then you need to be aware of some deadlines that are quickly approaching:


1.    USDA about to run out of money / last day to apply is March 31, 2010 - and this time, no one knows if or when Congress will give the Rural Housing program additional funds.  Check with your lender to see if the house you are buying applies to this program - It is a $0 Money down program, so chances are if you are purchasing a home without putting money down you are using this loan program.

2.    FHA raises Mortgage Insurance Premium by .75% on April 5 - this adds $1125 to the cost of the average FHA purchase loan, but borrowers requesting FHA case numbers before 4/5/10 can avoid this new higher fee.

~ This means you need to have an accepted offer by 4/5 in order to sneak in before you have to pay more for an FHA loan.

3.    First Time Homebuyer Tax Credit of $8000 expires on April 31, 2010.  One month left to participate.  Must be under contract by then and close by June 30, 2010.