Dallas Home Appraisals News and Information

An article posted today at Mortgage News Daily reports that mortgage applications rose over 12% last week, leading the overall number of apps to be up 14% over this time last year.  The continuing fall in interest rates, coupled with the tax credit incentive, seem to be the leading factors in the increase.  The article further reports that, according to zillow.com, Texas lenders were offering the lowest rates at an average of 4.96% [before origination points].

The increase in applications makes it likely that the time it takes to close a loan will continue to average over 30 days, in some cases as much as 45-60 days.  If you are hoping to make a purchase in time to qualify for the first-time homebuyer tax credit which expires on December 1, you will probably want to have your application in by early to mid-October.

Two good points we heard yesterday about the credit to keep in mind:  1) if you are married, neither spouse can have owned a home in the past 3 years in order to qualify for the tax credit, and 2) the credit is not automatic and must be claimed on your tax return; if you are claiming the credit for 2008 you will likely need to file an amended return to get the credit.  Check out this link to irs.gov for various scenarios regarding the credit that can help you determine if you are eligible.

We have heard a lot of conjecture over the past few weeks regarding the likelihood of the credit being extended.  Conventional wisdom seems to be that an extension will be offered, but it's not a sure thing yet.  If you need assistance in finding a realtor or lender who can give you more information about the credit or help walk you through the process, please contact us at Blue Star Appraisals Inc. for a referral to one of our trusted clients.