Agent619.com Real Estate

I'm thinking of buying my first home. What do I need to do to get started?

Simple Route:

1. $5K for closing costs
2. 20% down payment
3. 2 years tax statements to verify income
4. 6 months of bank statement to verify available cash for down payment and closing cost
5. definite time frame of move-in is 45 days or more

Complex Route:

1. $3K for closing costs
2. 5% down payment
3. 2 years tax statements to verify income
4. 6 months of bank statement to verify available cash for down payment and closing cost 
5. patience in playing home buying game (possibly take 6 months or more)

I will expand more on this subject, but for now it is up for discussion or questions.

 

Congress recently approved a tax credit for first-time home buyers that can be worth up to $7,500. Another welcome provision of the Housing and Economic Recovery Act of 2008. Often 1st time home buyers are challenged to save enough money for a down payment and closing costs, which is around 7% on an aggressive program. Now possibly $7500.00 of that seed money can come from the Federal Government via the IRS.

 

Qualifications are designed to be less restrictive in order to get more working class people in the program. However, the documentation requirements may have you searching for many items. Overall, it is a good balance between program opportunity and client-side work.

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