Time is running out for Orange County First Time Home buyers to take advantage of the $8,000 tax credit. The tax credit, which was extended beyond its original November 30, 2009 deadline, will expire on June 30, 2010.

The expiration of thefirst time home buyer tax credit will occur in two parts. The first time home buyer needs to have a signed contract to purchase a home by April 30, 2010. The Orange County First Time home Buyer then has until June 30, 2010, to close escrow. 60 days should be plenty of time to close a typical escrow. However, there are many reasons why an escrow can get delayed, which gives all the more reason to find a home before the April 30 deadline. To make things even more difficult, finding a home has not been easy for Orange County First Time Home buyers. Inventory levels have been low right when property values are down and affordability levels are higher than in years.

What's the First Step for an Orange County First Time Home Buyer

The first step for anOrange County first time home buyer is to talk to an FHA loan expert who can walk you through the initial prequalification stage of the loan process. These days, sellers will not even entertain an offer from a first time buyer without an accompanying PreApproval Letter from a Direct Lender. Finding a local Orange County Direct Lender who can answer a first time home buyers questions is important. Most lenders will not charge a fee for prequalification, and there is nothing requiring a home buyer stay with the lender who does the initial prequalification.

Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Trust One Mortgage for more information about an Orange County, CA home loan.  877-786-4243 x 7.

www.OCFHALoans.com

Contact us for your Orange County FHA Mortgage:

Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.

877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com

*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829

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