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I am so happy to hear from someone who has saved up for a downpayment. This is what we will be seeing more of in the future. I hope that many of your friends are following your lead. As far as advice, I suggest that you start with finding a good lender. The lender should be able to tell you about various lending programs including FHA. You will need to be preapproved before you can do very much with a REALTOR. As a first time homebuyer you may be eligible for $8,000 tax credit from IRS. If you stay in the home for at least 3 years the tax credit does not have to be repaid. This is like free money. There are stipulations in order to qualify. The home must be purchased, that means closed, between January 1, 2009 and December 1, 2009 . Note that is not the end of the year. A normal purchase or a purchase of a bank owned home will take around a month to close. Short sales can take 3 months just to hear a response on your first offer. So I recommend you find a good REALTOR and get to work. The actual tax credit is 10% of the purchase price up to $8,000. If you have any questions about the tax credit talk to a tax professional. A good resource for more information is provided by the National Association of Home Builders www federal housing tax credit com I hope this is helpful. Of course, if you would like more help from me personally, please look up my website and phone number. I am in the Central Florida area. I am pleased that you will be purchasing your first home, go ahead and get busy.
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