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Educating a first time buyer is time-consuming, but they're worth it
A San Francisco agent referred a couple to me who are first time buyers looking to buy their first home in the east bay. Yesterday, I invited them to come into the office to discuss their wants and needs and their resources. I gave them a Home Buyer Guide that could be their "bible" as they traverse the way to home ownership.
 
Wish List: Naturally, they are looking for a 3 bedroom/2 bath home with a garage and a yard. And they'd like to buy in Alameda, east of San Francisco.
 
Financials:   They've saved $4,000. They are pre-approved for $310,000. They want to keep their mortgage payments to $1700 per month. And they're counting on getting $8,000 for the First Time Home Buyer Tax Credit.
And there's the first opportunity to educate: that the first time home buyer tax credit is 10% of purchase price, up to $8,000. And that this program expires Dec 1, 2009 so they need to close escrow by that time.
 Reality Check: We went through some scenarios if they use FHA or Conventional Loans.

Upon seeing these comparisons, they are better informed about what they will need for a down payment and for closing costs. And ... more

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