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Tips For Buyers |
What can you afford |
Analyze your financial situation – what is your net income (take home pay) and what are your monthly expenses. This will give you some idea of the amount you can afford for your monthly mortgage (including insurances, taxes, etc.). This is the first step in the pre-approval process. |
Meet with a lender |
You will want to meet with a lender, to determine the amount of loan that you can qualify for and the monthly payments that you can expect. If you do not know a lender, then ask your agent for several recommendations. |
| Once you have determined the loan amount that you qualify for you can then ask your agent to look for homes in that price range. |
Contact our office |
Your agent will fully inform you as to the availability of homes, along with the homes’ features, amenities, associations, fees, schools zoning (which changes from time to time) etc., and any other factors that you may deem important. |
Make sure you ask questions if you do not understand any process in the pursuit of buying of your home. Never assume. |
Buyers Enjoy Federal Tax Credit |
Home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying home buyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time buyers, and those who have not owned a principle residence in the past three years. To be eligible for the tax credit, buyers must meet general income requirements and close on their purchase before December 1, 2009. |
| Under new rules introduced recently by the Department of Housing and Urban Development, qualifying buyers can apply the $8,000 tax credit toward the purchase of a home. To facilitate the process, the Federal Housing Administration is permitting its lenders to extend short term bridge loans, which will enable qualifying buyers to apply their tax credit toward closing costs, buying down their interest rate, or increasing their down payment above the FHA required 3.5 percent. |
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