Shoulda, Coulda, Woulda......

$8,000 Tax Credit ....... Free Money for your family. As of mid-September statistics show that more than 51,000 Illinois families have taken advantage of the $8,000 Tax Credit for 1^st Time Homebuyers in IL. Nationwide, according to the National Association of Realtors, between 1.8- 2million new homeowners will have taken advantage of the credit this year. If you haven't taken advantage of the credit this year, you still have time, but here are a few things to keep in mind.

•1. Short Sales: If you are going to meet the deadline of Nov.30^th, know that your negotiation process will need more time than a traditional offer, which may impact your ability to close in a timely manner.

•2. 203K Rehab Loans: This loan has become a hot product for 1^st time homebuyers looking to make repairs on properties they are purchasing. If you are planning on using the 203K loan for purchase and repairs, your contracts need to be in now. The process for underwriting, coordinating with contractors and having your loan clear to close is taking about 45 days with most of our lenders.

•3. Traditional loans: Conventional and Regular FHA loans should be well within reach of closing on time for you to receive your tax credit, but with that being said, make sure you stay in communication with your lender to ensure a timely process.

•4. Applications are picking up as individuals are trying to beat the deadline, so be proactive as slots at title companies are filling up fast with closings.

The $8,000 tax credit is a huge benefit to those who are able to take advantage of it. The credit has been said to reduce overall national inventory by about 30% and is stabilizing prices. Now is the time to buy Real Estate. Prices are low, interest rates are low, and the government is offering a huge incentive through the use of the $8,000 tax credit. Don't be a shoulda, coulda, woulda. Find your new home today, submit your offer, get the ball rolling. The clock is ticking! Don't be left out of this wonderful opportunity. For more information on mortgages and loan options visit my website www.ceceliaknowsmortgages.com Happy House Hunting