First-time homebuyer..

[kaaatielove]

Yep, that'll be me... Looking at buying my first house & wondering how that first time homebuyer incentive works. Has anyone had the opportunity to take advantage of it? How did it work & was it easy to apply? Any info would be great. Thanks

 

[NomadicMedic]

The First-time homebuyer tax credit expired in 2010. That may be what you're thinking of. If you're looking for easy loans, with little money down, then you should talk to your mortgage broker or lending agent. There are some great deals out there, I bought my home with a USDA loan. Zero down, very low interest-rate and very simple to do. HUD and FHA both have decent first-time homebuyer incentives, But you need to talk to a lender to see if you qualify.

 

[BiggestLittleEMT]

I used to be a realtor. All I can say is good luck with all of it. No matter if you're a first-time buyer, or this is your 15th rodeo, it is sort of a drag (not to sound demoralizing).

Theres two good parts:

1) That honeymoon period when you first start looking at homes and get excited that you might score a good deal.

2) When the deal actually goes through completely and you get the keys.

Everything else in between can be a real hassle and my advice is stay patient. Not sure about first time buyer incentives for loan agents in Florida, but, I'm sure wherever you are the housing market is better than it is in Reno.

 

[kaaatielove]

Thank you both. I just got off the phone with the bank that financed my Mother's house and I'm trying to get pre-approved for a loan. Theres a house I really really want that is in foreclosure and the auction for it is on the 23rd of this month. The mortgage counselor I spoke with said in most cases the bank wants payment for auctioned houses within 10 days and that's typically impossible with just a "pre-approval" for a loan (as in my situation). Anyways, didn't really want to deal with all of this realtor to realtor crap, but I guess I have to. Thanks for the advice