The American Recovery and Reinvestment Act (ARRA) of 2009 (which was extended and expanded in November of 2009) authorized a tax credit of up to $8,000 for qualified first-time homebuyers purchasing a principal residence and a tax credit up to $6,500 for qualified repeat homebuyers purchasing a principle residence on or after Jan. 1, 2009. Eligible recipients must have signed a contract to purchase before April 30, 2010 and close by June 30, 2010. Homebuyers who would like to take advantage of this tax credit must close the loan by June 30, 2010. In order to meet this ARRA deadline, all purchase transactions much meet the submission timelines noted below.

For a First Time Home Buyer loan to close by June. 30, 2010:

• A complete credit package* must be received on or before May 14th, 2010.
• All conditions for the loan must be received by June 14th, 2010.
• The loan must be clear to close, by June 21st, 2010.
• Borrowers must sign the loan documents by Nov. 25th, 2009. No revisions to the loan parameters will be allowed after Nov. 25.
• Any revisions to loan parameters after closing docs have been delivered may result in the loan not funding by June 30th.

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