First time homebuyers have a great advantage right now. Not only are the interest rates the lowest in
years, but if you haven't owned a home in 3 years you can possibly be eligible for an $8000 tax credit.
What more could you ask for?? The first step is to contact a local mortgage company (if you are working
with a realtor,they should be able to provide you with someone they work with) and get yourself
pre-qualified. That way you are not looking at houses that are way out of your price range.
Based on your credit, income and other assets you may have the loan officer will be able
to tell you how much you qualify for. Once you get that pre-qualification letter, you're set to go!! Contact
your realtor and start looking for your new home. During the process of finding your home, don't go out
and get any type of new credit. Sometimes, just before closing on the home, the mortgage company
will pull credit and if you have opened up any debts, you may not qualify for your new house payment.
Put off buying anything until AFTER you have closed. I know people get excited and start buying new
appliances and furniture. That could be a very costly mistake.
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