First time home buyers--benefits

This is your first home and you are both excited and scared. It is natural and smart to be scared. We were the first time we purchased a home--but know that I am a trained professional and can take care of you through the maze that is home ownership! There are lots of programs out there for first time home buyers and the local lenders know all about them. There are income limits on some, but not all, so if you make too much income you are outside of the guidelines and can't get them. The cities have some special criteria for grants they have available and those can be accessed through the lenders too. That is why we ask you to start at the local lenders. They know the rules, and the possible help, and what is and is not there for you. They know the programs that are currently available and will help you fill out the forms for those programs. Ask about the Mortgage Credit Certificates program (The MCC) which can be used in conjunction with any type of mortgage loan and allows first time home buyers to receive a dollar for dollar reduction in federal income taxes of 20% of their mortgage interest for the time they own the property and use it as their principal residence.
There is currently a $7500 credit available for first time home buyers who buy between April 9,2008 and June 30, 2009. It is a loan at 0% interest and paid back over 15 years at $500 per year. (That is the current law subject to change at the whim of the congress) It is single family homes and condos but it must be your principal residence. It must be claimed on the return for the year of the purchase. First time home buyer is defined as one who has not owned a home in the last 3 years so if you owned a home, sold it and got a divorce for instance and have not owned another home in the last 3 years, you are eligible again for the first time home buyers program.
There are other programs pending the congress is considering so keep looking in the papers and on line for more information. Now is a great time to be a first time home buyer--the deals and the rates and the programs are in your favor--there will not be deals and programs like this for a long time to come. People talk about buying at the bottom, but the bottom is about 20 minutes long before it starts up again and then there will be other buyers competing for the same listings that you want--competition breeds higher prices and the home you want will cost you more money and interest rates could go higher so it could cost you more to wait till the bottom is here.