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Revjmiles,
the reason it wasn't suggested was simply because those agents unfortunately didn't know or understand how it could be done. When I speak to first time buyers and talk about choosing an agent I always suggest that they work with an agent in the area whose main focus is 1st time buyers. Agent x may list 10 houses a month. So he may be the guy to help you sell but not necessarily the guy to help put together your 1st purchase. I know of top producing agents who still can't explain the $8k does it mean they are bad agents no. Their client base doesnt make use of it very often so they never bothered to learn the full details of it.
When you have a specific health problem you go to a specialist ;)
in my area the are about 7 different grant/ 1st time buyer systems that i primarily deal with (there others I alway say choose the one that best suits your needs and plans) .
-they have income guide lines*
-condition restrictions
-credit score minimums (but there are programs that will take 1st buyers with scores as low as 520)
-price restricitons or regulations*
-residency restrictions (you can't rent out your home for a certain period must be primary residence for "x" years)*
-resale restrictions (how long before you can sell)*
-some have combination restrictions (you may be able to combine multiple grants or funding sources to increase your gifted down payment)
and
-location restrictions (different areas are funded by different programs)
but the 8K also carries similar restrictions*
link explaining the pre fund
i am aware that this varies by state
check with an agent who specializes in 1st time buyers for your area or a lender to find out if your area does
I don't know about Ark or your individual situatio
there are first time buyer programs that all buyers to purchase with less than $1400 out of pocket (there are however a lot of stipulations behind them... )
Since December 2008
Since December 2008
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How do I use the 8000.00 first time buyers tax credit as my down payment. There a way to swing it?
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revjmliles
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