Closing an FHA loan before the tax credit runs out

If you're buying and you're thinking of new construction, FHA loan, and closing in time for the federal tax credit...please consider the following. Today is October 19, 2009, that means you have 28 business days before COB November 30th. With a push for closings to receive the tax credit, everything will take longer, turn around for the appraisers will increase, underwriting times will increase. Consider a recent transaction for an FHA buyer that I worked with. I explained to him up front that my previous 6 transactions with an FHA backed loan failed to close on time. The average days past the closing day...4. For our transaction the his loan languished in underwriting for 18 business days and the appraisal turn around was 6 business days. 6 + 18 = 24...28 - 24 =4. That's right if I put him into a contract today, he likely would not close by the end of business on November 30. On three transactions this year, I was the listing agent for all three, the lender's project closing costs were off, forcing the new mandatory 72 waiting period. 4- 3=1 day. Cutting it close. When your considering who represents you as a realtor, lender, and lawyer. It imperative you ask good questions. Interview before you hire. If your considering buying with an FHA loan and closing by November 30th, be prepared to miss the tax credit unless the congress extends the credit.