Real Estate: Buying A House by December 1st, 2009?

The new "First Time Home Buyer Tax Credit" is looking pretty good right now. If you don't know about it, here is the main focus on it:

- If you purchase a house after January 1st, 2009, but before December 1st 2009 as a first time home buyer, you can qualify to receive a nonrefundable tax credit of up to $8,000.

Sounds pretty sweet right?

Well to me and my wife, Sarah, it sure does! We are currently aiming to purchase a house by December 1st, 2009 despite the known obstacles ahead of us (ex: saving for a down payment and real estate related costs).

Me and my wife have been constantly talking about purchasing a house ever since we were dating as boyfriend and girlfriend. We knew we were committed to each other, but being able to commit to paying for a house was a different story.

It's not like we do not want to commit, but the preparation and the self-assurance in paying for a mortgage is what we need.

Here are my Top 10 Home Purchasing Questions that I must answer before committing:

  1. What are my current monthly expenses? (ex: Credit Cards, Student Loans, Utilities, and etc).
  2. Do I have any future expenses beyond my monthly bills coming around the corner? (ex: Bill Me Later, No Payments until 12 months, and etc).
  3. How much do I have saved?
  4. Am I aiming too high in a desired house?
  5. Next to future mortgage payments, will I be able to save on the side? (ex: College funds, cars, retirement, and etc).
  6. Will I have any extra savings after the down payment and other real estate related fees?
  7. Do I have enough money to pay off the first several months of mortage payments?
  8. Do I have back up money in case of issues with a newly purchased house? (ex: broken heater, electricity issues, plumbing defects, and etc).
  9. As a parent, how are the schools in the local area?
  10. Last but not least, location! Is the location a perfect fit for my family?

So, now is the final countdown to December 1st, 2009 if we want to take advantage of the tax credit.

Please wish me and Sarah some good old luck! We will provide updates as our journey to purchasing our first home begins.

Thanks for following!

- Jimmy Chung

Related Tags: Real Estate, Homes, First Time Home Buyer, FHA, Mortgage


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