All Entries For Homebuyer Adventures
I just got off the phone with my lender. I am officially pre-qualified (and at $25,000 more than I wanted!). It is always a good idea to get pre-qualified before you start seriously shopping for a home. You want to make sure you can afford the monthly payments and that your credit is in good shape. Also, you don’t want to have unrealistic expectations about what you can afford
As a rule of thumb, you need a credit score of at least 620, but don’t hesitate to call if yours is lower. A lot of mortgage lenders can guide you on ways to clean up your credit. And with interest rates so low right now, it is a great time to quit paying rent & get some of those amazing tax credits!
Bruce Henderson--Our Realtor!
Working in the real estate industry, I have access to programs such as FMLS and MLS. Also, I know a lot of websites to use to search for Atlanta homes. That said, when I started house hunting, I was overwhelmed with the amount of inventory out there. Also, there are a lot of other factors to consider in this crazy time. Foreclosures galore are out there–how do I know if I am getting a good deal?
After thinking it over, I decided that it would be in our best interest to use a realtor. We selected someone I have known for 10 years, knows a lot about Cobb County, and I trust 100% (no offense to the other realtors I know and love!). I need help sorting through properties, knowing what is an acceptable offer, writing the contract, having the home inspected, and someone to attend the closing. I found this article, discussing why a realtor is important, and thought I would pass along. It is true there are a lot of resources to help you find the house, but it is a good idea to have someone on your side to help with the homebuying process. There is a lot more to it than just putting a number on a piece of paper, and I am glad to have Bruce on to help me.
Do you know about all the tax credits offered right now? If you are a first time homebuyer, the U.S. goverment will give you $8,000 just for buying a house! And, in Georgia, you will get an additional $1,800. Another offer for Georgia residents right now is the Georgia Dream NSP Program. This offers $14,000 for purchasing a foreclosed home. There are a lot of stipulations with this offer, which vary by county, so please research the website to see if you qualify. Or, ask your lender to be sure.
The $8,000 tax credit is availabe for all first time homebuyers. It is a credit that you will take when you file your 2009 taxes and, unless you owe the government a ton of money, you will get a nice check back from them! The $1,800 Georgia tax creditis for any single family homebuyer (including condos). This credit must be claimed over three years, in incraments of $600. With both credits, there are stipulations, so please follow the links and read more.
Don’t worry, even though I have worked in the real estate industry for years, I was (and still am) quite intimidated by the homebuying process. I am hoping that by sharing my experience, I can show that even in today’s market, there are great opportunities for all buyers.
Ashley, Kevin, Jackson & Ginger Robb
