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Buying the Right House from the Right Builder? |
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 Owning a home is something that gives you a certain pride and status that few other things can offer. But, as I recently discovered, acquiring that feeling can be a bit confusing. When I first set out to buy a home, I had not considered all of the aspects involved in the process. For example, you have to define a budget, find an agent, get a loan, consider the builder, read and sign a lot of paperwork, insurance, repairs and maintenance, just to name a few. So, I did some research and have come up with some things that you definitely have to keep in mind.
First, you have to find the right real estate agent, or realtor, for you. You need an agent with whom you get along well. You will be dealing with this person for a while and you need a certain compatibility with and trust in them. One thing you need to be aware of when choosing an agent is the type of realtors available. Those who work for builders may often have the interests of the builder in front of yours. Also, be wary of signing any agreements with your realtor before you decide on a house. Buyer Broker Agreements or Exclusive Sale Agreement give the realtor a way to wriggle out of face-to-face meetings and travel from house to house. These things are key when choosing a home. The best way of communication with your agent is through e-mail. This gives you a chance to clearly communicate your thoughts and needs to your realtor. It also allows you to keep an accurate record for future use. |
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First-Time Home Buyer Tax Credit |
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 Opportunity of a Lifetime for First-Time Buyers
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.
But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. Use the links below to learn more about the tax credit
The key elements of the bill are:
- A temporary first-time home buyer tax credit. The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices.
- FHA modernization. A revitalized FHA will have greater flexibility to respond to the needs of borrowers, enable more working families to become home owners and play an important role in the mortgage markets. To address the foreclosure crisis, the FHA will guarantee up to $300 billion to refinance troubled mortgages with federal insurance.
- GSE (government-sponsored enterprise) reform. The law reforms the regulation of Fannie Mae and Freddie Mac and permanently increases the conforming loan limit to help buyers in high-cost markets. To reassure financial and global markets, the government will temporarily expand its line of credit to Fannie and Freddie and permit the U.S. Treasury to purchase an equity stake in the companies through the end of 2009.
- Mortgage Revenue Bond Program. The measure gives states the ability to issue an additional $11 billion in mortgage revenue bonds, which will help strapped borrowers seeking to refinance their home loans.
- Low Income Housing Tax Credit. Enhancing this program will expand the supply of much-needed affordable rental housing.
Tax Credit Centerpiece of Housing BillThe centerpiece of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for a home sale closing on or after April 9, 2008 and before July 1, 2009. It is expected to provide a significant financial incentive for home buyers.Further resources to help NAHB members promote consumer awareness about the credit will also be available at www.nahb.org/mythbuster. |
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