I have the opportunity to buy a house right now, but only if I make the deadline for the $8,000 tax credit. My dad said that it was not a grant, like I thought it was, and that I would have to pay it back. What is the deal with this credit?

Hear what first time home buyers need to know about Hawaii mortgages. Marvin Galicha EasyMortgageHawaii.com 808-927-2935. Pitfalls Low Credit Ratings, Junk Fees, quick approvals, Pre pay penalties. Don’t miss out on the house of your dreams.

I have a brand new house, it is one year old. When we got it, we paid for a thorough home inspection, and our house is in tip top shape. Our one year waranty is expired, and we can extend it for three more years for 6. It it only structural and for the ac unit and stuff like that. Is it worth it? Everything is brand new, and I hear these companies will go out of their way to not have to pay for stuff.

My fiance and I are looking to purchase our first home in the beginning of 2010. I make roughly 40,000/yr and he makes roughly 60,000. Is a house around 500,000 affordable for us without a large down payment? How much would our monthly mortgage roughly be? Would we get approved with fair credit and without a large down payment (around 20-40K)?

First Time Home Buyer Tax Credit Assistance and Federal Government Home Loan Program with Low Down Payment on FHA Mortgages. Buy Bank Foreclosed Homes at a Discount. Go To RealEstateMarketingThisWeek.com Part 2 (Excerpt) The median income family can afford twice the median priced home; prices drop over 50% And now I mentioned Dan Havey is back in the studio with us, Dan has done a lot of great things in the mortgage industry. He left us about a year and a half ago, is that right Dan? Yes, I left the mortgage industry in October of 2007. Tell us a little bit more about yourself. As you know I came originally from Wisconsin, where I got a degree in Business Finance and I came out here in 1989 and started working with my brother selling real estate owned-REO, bank owned properties for Fannie Mae, Countrywide, and the Resolution Trust Corporation-RTC which was the government entity that was put in charge of disposing of all the real estate owned by the 1800 S&Ls that had failed. I did that until about 1995 when I moved into the mortgage industry and there for 12 years I worked predominately with bankruptcy attorneys helping their clients get out of bankruptcy and foreclosure. I left the mortgage industry in October of 2007. Now I am working predominately in the arena of marketing for real estate and mortgage companies, helping out companies, just like Im here helping out Michael today, to get people to realize that right now actually is a really good time to buy.

Tax Credit First Time Home Buyers Tips presented by Colorado Realtor Michael Harper. Up to 00. michael-harper.com Did you know that anyone can qualify for this tax credit as long as you have not owned in the last 3 years? This opportunity will expire Dec. 1, 2009! Watch this video for other helpful tips and then let’s talk to see how we can best apply the tax credit to your situation. You can even use the tax credit of up to 00 for your closing costs. Watch the entire video for more valuable information regarding this great program to help you buy a home. Call me at 719-687-1715 or email me at Michael@Michael-Harper.com – I’m happy to answer any of your questions about your Real Estate needs. You can also add a comment or ask a question right here on YouTube or watch some of my other videos. I look forward to talking with you, Michael Harper, Realtor michael-harper.com

www.howdini.com Home buying tips: How to buy a house First time home buyers have a million questions, and luckily, CNN financial editor and author Gerri Willis has a million answers. Here’s what you need to know before you buy a home. Keywords: buy a house home buying tips how…

For a first time home buyer, choosing a loan can be a difficult and confusing experience. Sifting through the various home loan options available takes time and doubts usually surface about which choice is the best.

The search for the perfect house loan can be made considerably easier if you follow a few basic guidelines.

Know How Much you Can Afford in your First Home

There is no point in driving around and visiting open houses if you are not certain what you can realistically afford in a new home.

The time would be better spent reviewing your finances, speaking with your accountant or financial advisor and putting some facts down on paper.

With this knowledge you can seek out home loan lenders and request a pre-approved mortgage. Having this confirmation will raise your confidence level and make your actual home search more interesting and satisfying.

Estimate How Long Will you Stay in the Home

The average length of a time for home owners to stay in their home is 7 to 10 years. Attempt to project into the future and determine if your status is likely to change and require you to move.

There could be various reasons for this such as having children, additional space needs, career changes, increased financial stability, and many others.

An additional reason for estimating the duration of your stay is related to the house being an investment. Remember that the home loan and the home value are closely related and that in order to recoup the costs of that investment you will need to remain for some amount of time.

To simply break even could take 3 to 5 years, assuming that the house appreciates 5 percent annually.

Fixed Rate Versus Adjustable Rate

The time that you choose to remain in your new home, or a future home can be helpful in suggesting a fixed rate home loan or one with an adjustable rate be selected.

Staying in a home for only a few years may indicate that a variable rate may be preferred, if economic conditions are favorable.

But, if you seek to remain longer and perhaps raise a family, then the predictability of a fixed rate mortgage may be more appealing.

Be Honest with Yourself

Making that first home purchase is an exciting time in life and causes many questions to arise that must be answered. What are your future plans, where do you want to live, how much can you afford as a first time home buyer, how long will I stay, and many others.

They may seem almost impossible to answer, but by addressing them you will understand more about yourself and what it is you truly seek.

Does buying a less expensive home help lower your mortgage interest rate?

Before refinancing, count the costs. Remember, refinancing will entail paying closing costs.