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Released: May 08, 2010

Homebuyers seeking credit are racing the clock

Source: Kenneth R. Harney, Washington Post (Free Registration)

For thousands of home buyers who scrambled to meet the April 30 federal tax-credit deadline for completed contracts, a new challenge is looming: Can they nail down their mortgage financing and get to closing before the program terminates?

As a result of toughened underwriting standards, confusing new federal disclosure rules, appraisal regulations and a long list of other potential obstacles, meeting that deadline could be harder than expected. In fact, mortgage industry leaders say some buyers who are seeking the tax credits won’t get a cent because the clock will run out on them.

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