| The Federal Government's credit tax stimulant of | | | | immediately. You may not get dinged with one or |
| $8,000 is a boom for potential new home owners, | | | | two potentially negative items, but more than that, |
| and something that, if you income level is sufficient | | | | including unpaid bills, could keep you from being |
| on, should offer you a great start towards home | | | | approved in any way. |
| ownership. | | | | Something you might not know about, that you may |
| Still, it's not the "be all-end all" of looking to purchase | | | | have to pay for, is your credit score. In today's |
| a house. There are some things you need to know, | | | | economy, it's hard to determine if your credit score |
| both about the tax credit, and about getting qualified | | | | is accurate, let alone whether it'll even be sufficient |
| for your loan so you can take advantage of it. | | | | enough for some lenders to approve you. Still, it's |
| Your income levels can only be so high, although it's | | | | something you should determine to discover so you'll |
| quite generous when compared to other programs | | | | at least have some understanding of where you fit in |
| for first time home owners. The income level for | | | | the pantheon of things. |
| single homeowners can go as high as $75,000 for the | | | | Finally, you should plan on having a nice chunk of cash |
| full tax credit, or $95,000 for some kind of tax credit. | | | | to help you with everything you will have to deal |
| For couples, the income level can go as high as | | | | with as it pertains to your house purchase. You'll need |
| $150,000 for the full credit, $170,000 for some kind | | | | money for your down payment, although you now |
| of tax break. | | | | have the option of using your tax credit towards |
| The concept of first time home buyer is also liberally | | | | your down payment. You'll need money for moving |
| designated. There is only one qualification by its | | | | into your house. You'll probably need money for |
| definition, that being you must not have owned a | | | | accouterments such as curtains and shades, cleaning, |
| home for the past 3 years. That's it; how simple, eh? | | | | painting, and new furniture. You'll need money for |
| There's only one more thing to know about the tax | | | | certain things you're probably going to either want to |
| credit. If you purchase your home, you have to live | | | | change or have to fix. Truthfully, you should hope to |
| there at least 3 years; otherwise you'll be responsible | | | | have at least 15 to 20% of the price of your house |
| for paying it back. | | | | to begin with, even if you don't use it all for your |
| That's it; the federal government part is fairly simple. | | | | down payment. There's always something to address |
| However, make sure to talk to your financial | | | | with a new home; if you don't have the money to |
| institution about possible tax credits in your state, | | | | do some of those things, you'll not appreciate your |
| because some states, have additional tax credits that | | | | home as much as you should. |
| they're offering first time home buyers in an attempt | | | | Buying a new home should be a pleasurable |
| to stimulate their economies. | | | | experience. You'll want to extend the pleasure for as |
| The next part is to check your credit report. You can | | | | long as you can, and a big part of that, as with other |
| get a free credit report online once a year and you | | | | things that make you happy in life, is having enough |
| should see what each credit report says about you. | | | | money to do at least some things. Do this, and you'll |
| If you notice any errors or potential issues, you | | | | live happily in your new house. |
| should address them with each credit agency | | | | |