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Before You Look at Your First House
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.
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Here are the questions that each home buyer should ask:
- How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
- Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
- How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
- What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.
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The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).
Congress Enacts Bigger and Better Home Buyer Tax Credit.
A tax credit of up to $8,000 is now available for qualified First-Time Home Buyers purchasing a Principal Residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or $4,000 for married filing separately.
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Don't Delay, Call TODAY!!
Direct: (386) 801-0878
Let's get together to talk about your home buying needs. Call me at (386) 801-0878 or send me an e-mail at Lauraforty@gmail.com, we'll set-up a time to meet that is easy and convenient for you.
If you're not ready to meet in person, please tour my website. I'm sure you'll find the resources here useful and helpful.
Buyers, don't hesitate, this is FREE Money!! Make the change and give yourself the chance to become a Homeowner Today!!
Taxpayers who qualify for the First-Time Homebuyer Credit and Purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. If you have already filed, and don't want to wait for the credit next year, you can amend your 2008 taxes and be able to get the money!!
Laura Forty-Garcia, REALTOR®
RE/MAX Central Realty
~Direct: (386) 801-0878~
Email: LauraForty@gmail.com ~
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