Tag-Archive for ◊ First Time Home Buyers ◊

10 Mar 2010 How Do I Get Started On Buying My First Home?
Author: Dawn |  Category: Getting Started  | Tags: , , ,  | Leave a Comment

Buying a home is not like buying a car.  It’s a lot more complicated and with many more risks for you, the prospective home buyer.  We recommend attending one or more first time home buyer classes or meeting with a Realtor or Mortgage Consultant who specializes in working with first time home buyers. 

Your first step then is to locate a class.  Sometimes you will find classes offered through your local community education resource.  Other classes may be offered by government agencies.  Other sources of classes are Realtors and Mortgage Lenders who sponsor them.  Sometimes they will be listed in the housing or home section of your local newspaper or information website.

Wherever you go, whatever you do, become educated on how to buy a home.  If you know about the risks ahead of time, you can avoid the most common mistakes made by home buyers.

For more detailed information, come to our FREE NO OBLIGATION FIRST TIME HOMEBUYER class or wait for future blogs.  “Simple answers to home ownership questions”.

11 Feb 2009 First Time Home Buyers $15000 Stimulus
Author: HomePro |  Category: Tax Credit  | Tags: , , ,  | Leave a Comment

The first time home buyers $15000 tax credit discussed by the House of Representatives is no more. The compromise plan with the Senate reached on February 11 eliminated the $15,000 homebuyers tax credit, replacing it with an $8,000 credit, only slightly larger than the $7500 tax credit already in place. The final plan which will be signed by President Obama may still change but there will be a tax incentive for the first time homebuyer. Whether the ”credit” is a true credit or an interest free loan, it’s clear that those folks who buy a home this year will have a once in a century opportunity.

 Who qualifies for the federal tax credit?

To qualify for the current program as well as the propsed program, you must be a first-time home buyer who hasn’t owned a principal residence in the three years prior to purchase.  Some time limits apply.  For the current $7500 tax credit, you need to purchase your first home between April 9, 2008 and July 1, 2009.  The new program may extend those timelines to August 1, 2009.  The program targets individuals who earn less than $75,000 per year or couples who earn less than $150,000 per year.  Under this plan, you may also have to maintain ownership of the home for a certain time period.  The final vote is expected to take place this coming weekend in Congress. Come back to our web site for an update on the finalized program next week.