2009 is a great time to be a first-time home buyer. The real estate market has slowed down quite a bit and prices have leveled off. Interest rates are at historic lows. And the government is practically begging you to buy a house with its first-time home buyer tax credit and super-generous loan programs. If you have never bought a house before (or if you have not owned a house in the last 3 years) and you earn between $40,000 and $80,000 per year, you should be able to buy your first home for zero (or almost zero) down payment. Here’s how to do it.
1. Figure out your credit score and how much you can afford.
2. Get pre-approved (or at least pre-qualified) for a loan.
3. Make a strategic offer on the house you want.
4. Take the tax credit by filing an amended 2008 return or reducing your withholding for 2009.
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