Need An Extension On That?
OK so I read in the Washinton Post over the weekend that there is some talk of the chances of the tax credit being extended for those home buyers who cannot seem to get to the closing table before the end of I think it is June when this thing officially expires? I would love to hear any and all comments. Unfortunately it will not surprise me in the least to see them extend this.
Somewhat separate note, but still related (sort of), as I understand it, now lenders (rightfully so) are running credit checks again after they have approved the individuals for the loans and before they are to go to close. It is basically a stipulation more or less...their credit has to check out before they can officially close on the loan. Seems that historically it has been a problem (can you believe this?) that some people actually had the nerve once they were approved for the home loan to then go ahead and run big time credit purchases from Home Depot, Lowe's whatever furniture store you want to insert here in order to furnish or otherwise refurbish the house they were about to buy. Credit did not matter at the time because they had already been approved for the home loan but it wasn't showing on their credit history yet because the loan had not closed. Then they would go to closing with a truckload more debt than they had when they applied and were approved for the home loan. Bottom line was that in reality they could not then afford the home. Kinda makes you wonder why these lenders didn't run the second credit check before. So now folks can potentially go to closing, get denied because of their own irresponsibility in borrowing too heavily, and still have the possibility of getting the home loan after all, which they will still no be able to afford, and get a tax credit to boot!
Wasn't it Yakov Smirnov who said, "America, what a country! I love it!"