Folks before you know it the tax credit will be gone, there are two months and a few days left. If you are thinking well I have until April 30th to get under contract, that is a very dangerous way to think, something could happen and the contract fall through and this tax credit will not transfer to another property. Remember you have to be under contract by April 30th, and settle by June 30th and this is on the same house. I also put in this little article I found that can help you with getting a loan if you have weak credit.
Home buyers who are eager to close the deal before the tax credit expires should be prepared to deal only with lenders who will respond to the need for speed.
Even buyers without A-plus credit should be able to get a loan. “If you go to enough lenders, you can typically get a loan even with a low credit score. The terms, of course, are not as attractive,” says Spencer Rascoff, chief operating officer of Zillow.com.
Another possibility is to propose a lease-purchase deal or land contract to the seller. If the deal is structured properly, both buyer and seller could walk away winners.
Source: CNNMoney.com, Jean Chatzky (02/15/2010)