First Time Home Buyers - Look for a home now!

"RISMEDIA, September 15, 2009—First-time home buyers have just 12 weeks to find and close on a home to qualify for the $8,000 Federal tax credit before the November 30th deadline. Those just beginning the process will have to beat the average time it takes to buy a home, a challenge smart buyers can meet even though it’s taking longer today to close most transactions. Read more: http://rismedia.com/2009-09-14/first-time-buyers-race-to-beat-the-clock-qualify-for-8000-federal-tax-credit/#ixzz0RB8IEVO5"

So you want to buy a house, you want the tax credit, but you don't know where to start?

Well the first thing is to start by contacting a Realtor (me for instance). They can help you determine what you are looking for in a home. Your Realtor can set up your own personalized Client Gateway - this will automatically email you listings in your criteria. It will also update you on what homes are under contract, if there is a price change etc. This also gives you access to a personalized website where you can view homes and make notes. Your Realtor can also show you homes within your criteria - and some outside your parameters - to give you a feel for homes available and help you narrow your list of what is most important.

The next thing you will want to do (and this is right after you find a Realtor) is contact a lender, talk with friends, co-workers, your Realtor to get suggestions. Ask not only what their mortgage rate is, but what fees do they require. Given the time constraints for the First-Time Homebuyer Tax Credit, you should also ask their estimated time to close a loan - it does vary and everyone is not the same. When you are approved have them provide you with a pre-approval letter; you will need this when making an offer on a home. Use this time to determine not just how much you are pre-qualified to borrow, but what you can truly afford.

Your part in helping to streamline this process is to make a list of what is important in your new home....what would you like? (square footage, number of bedrooms) what is imperative to have? (number of bathrooms, yard size). To help the loan process along, begin collecting paperwork now! Keep pay stubs, gather current and past bank statements and tax filings. If you think it might be needed for your loan, grab it. Keep everything in an accessible file so when you are asked for any documents, it is handy.

My part is to keep things moving once an offer is accepted. I am in frequent contact with the other agent, Title Company and Loan Company to ensure everything keeps moving.

So let's look for a home!