22 September 2009 ? The pressure is on first time homebuyers to quickly engage and get a property under contract with two significant deadlines coming. Late Friday afternoon, the Federal Housing Authority (FHA) announced the tightening of guidelines on FHA insured loans effective January 1, 2010 including the appraisal process. This comes upon the November 30th, 2009 expiration of the first time home buyer tax credit which has yet to be extended despite the call to action of the National Association of Realtors® and its million plus members. As the median price point of housing sold continues to rise in Chicago, these two issues will continue to negatively impact the glut of inventory of properties under $300,000 throughout Chicago?s neighborhoods most especially the condominium market.Email This Post To a Friend.
Two Important Deadlines Approach for First-Time Buyers
September 21, 2009
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