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First Time Home Buyer Discount - Find Yours Now

Is there a first time home buyer discount? There was a tax credit available for the first time home buyer, but it expired over the summer. Other than that, various government agencies offer several options for the first time home buyer. Each has it's own rules and not everyone will qualify for every program. Visit the websites for each program such as the V.A, FHA, Fannie May, and HUD. Find out what programs they have and which ones you qualify for.

Do yourself a favor and carefully check out the requirements for each one before you download and fill out an application. Don't waste your time applying for programs that you aren't qualified for hoping to 'sneak' in. Another good resource to find programs is with your local lender or real estate agent. These professionals should have a pretty good idea of what is available and since they know a little about you and your situation, they should be able to steer you in the right direction. This can be a huge time saver.

Some people look around and they see how many distressed homeowners are out there and that scares them off of buying their own home. It really shouldn't. While it's true that things happen in life and something bad could happen to you, if you enter into your home buying with your eyes open you'll be fine. Many homeowners today are in trouble because of poor planning. The banks approved them for higher mortgages than they could really afford. They were either adjustable rate mortgages which became impossible to pay when the rates went up, or they were just extended to the max of their budget and didn't have any money saved for that rainy day. As long as you don't make those mistakes you'll most likely be fine. With so many distressed properties on the market, you can find a great deal on your new home. That and the fact that interest rates are still very low make this one of the best times in history to buy your new home. Remember when you're figuring out your monthly payment to take your insurance premiums and property taxes into consideration.

If your bank doesn't force you to escrow for your property taxes and insurance, do it anyway. It will make paying these things much easier when the time comes and you don't have to worry about not having the money when the bills come due. As long as you keep control of your finances and don't get 'talked into' buying more home than you can comfortably afford, you'll be fine. Don't wait to enter the housing market until things 'get better'. Once that happens you'll pay a lot more for your home. As long as you use your head and not run on pure emotion the whole process will pay off big. There is no first time home buyer discount per se, but what there is is a lot of help from various agencies. Find the one that works for you.


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