Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose a Top Expert. 

You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Ft. Lauderdale, Plantation and Davie real estate expert, it's our job to guide you, from beginning to end. 

We will take the time to go through each and every step of the buying process. There are no dumb questions! 

Together, we will consider: 

- How much can you really afford? 

- How to qualify for a mortgage. 

- How much cash you should put down. 

- How to buy a home with little or nothing down. 

- What it takes to get approved for financing. What banks and other financial institutions are looking for. 

- How much your payments will be. 

- The tax advantages of buying. 

- Is renting or buying better for you? 

Tell us a bit about your situation below. I'll get right back to you. There is absolutely no charge, and we offer this to you with no strings attached. 

New to the home buying process? Tell us your concerns. Ask us questions. It's our job to help! There's no obligation, and we promise to get back to you quickly... 

FIRST TIME HOMEBUYERS TAX LAW AT A GLANCE  

First Time Homebuyer Tax Credit Rules
To qualify, you must satisfy these conditions: 

The home much be purchased as a primary residence.
You must not have owned a primary residence in the last three years. For couples, both individuals must not have owned a primary residence in the last three years. Vacation homes and rental properties don’t affect this (you aren’t DQ’d if you have a vacation home or rental property).
Must not be a non-resident alien as defined by the IRS in Publication 519.
Individuals must have a modified adjusted gross income of less than $75,000 annually and couples MAGI of less than $150,000 to qualify for the full amount.
The phaseout range begins at $75,000 and ends at $95,000 for individuals, $150,000 and $170,000 respectively for couples.
The home must be closed between April 9th, 2008 and July 1st, 2009.
No mention of a credit score or history requirement, but knowing that will help when it comes to getting a mortgage. I recommend checking out myFICO.com, a service of Fair Isaac, the people who invented the FICO credit score.
How the “tax credit” works: 

The tax credit is 10% of the home’s sale price with a maximum of $7500.
You can claim the credit on taxes filed in 2008 or 2009.
It’s a credit and not a deduction (difference between tax credit and tax deduction).
“Tax credit” is a misnomer because it’s really a zero percent loan with some qualifications.
Tax Credit Loan Repayment Terms
The tax credit isn’t really a tax credit, it’s really just a tax free loan with some qualifications. You have to start paying back this loan within two years and you make equal payments over 15 years. When you sell your home, any profits will go first into paying off that loan. If you sell at a loss, the difference will be forgiven… meaning you will not owe any money on the loan (though it should be recorded as income as is typical with most loan forgiveness agreements, so you will owe taxes on it). 

Please refer to this link for additional information and FAQs  

http://www.irs.gov/newsroom/article/0,,id=186831,00.html