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Knoxville First Time Home Buyer |
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First Time Homebuyer Tax Credit
The American Recovery and Reinvestment
Act of 2009 provides for a great incentive for first time home buyers
interested in purchasing a home this year. Eligible first time home
buyers are defined as someone who hasn't owned a home as their
principal residence in the past three years.
Good selections of homes in Knoxville
are currently available including foreclosure and short sale homes.
With record low interest rates coupled with the first time home buyer
tax credit of up to $8,000, this is the time to get serious and start
looking. On top of that, add a great deal on a foreclosure or a short
sale home purchase and you've really saved some serious cash. Don't
delay any longer if you are seriously thinking about getting off the
fence and purchasing a home in Knoxville.
A glance at the $8,000 First Time Home
Buyer Tax Credit:
- The tax credit is for first-time
home buyers only
- The tax credit does not have to
be repaid
- The tax credit is equal to 10
percent of the home's purchase price up to a maximum of $8,000
- The credit is available for homes
purchased on or after January 1, 2009 and before December 1, 2009
- Single taxpayers with incomes up
to $75,000 and married couples with incomes up to $150,000 qualify
for the full tax credit
*Check with your tax adviser, attorney
or CPA to see how the home buyer tax credit will affect your
individual situation.
Hurry before it's too late... the first time homebuyer tax credit is set to expire on November 30, 2009
Steps Toward Home ownership in
Knoxville TN
Are you considering purchasing your
first home in the Knoxville TN area? Many first time home buyers are
in your position, and many have been in that position before. The
home buying process can be daunting and overwhelming, but if you have
the right knowledge before going in, you'll have an easy time buying
your first home.
Buying a home in Knoxville doesn't have
to be a stressful experience. On the contrary, it can be very
exciting if you have a bit of an idea about what events will unfold.
Here are some tips to get you started on the right path toward home
ownership.
The first step to take prior to buying
a home is to know your credit score. This step should be taken
early in the process. Some experts suggest checking your credit score
as early as six months prior to buying your first home. The reason
for this is because your credit score can determine the type of
financing you will be eligible for. If there is a blemish on your
credit report you will have time to correct the problem and build up
your credit score prior to applying for a mortgage loan. Know your
debt-to-income ratio. This ratio can affect your eligibility to
obtain a mortgage as well as the type of financing to secure.
Get pre-approved for a loan. There are
two benefits for becoming pre-approved. The first allows you, the
home buyer, to know what price range of homes to look at. The second
gives you more weight with the seller when putting in a purchase
offer. Sellers tend to choose an offer with a pre-approved buyer over
an offer from a buyer without pre-approved financing already lined
up.
Choose a professional real estate
agent. Buying a home is the largest investment most people make
during their life. Professional real estate agents are knowledgeable
with the home buying process from start to finish. To make finding a
home go as smoothly as possible, and not drag on for months, you
should really consider getting a professional real estate agent. A
real estate agent that works hard to meet your needs will make the
home buying process run very smoothly. If your agent has your needs
in mind, he will show you homes that fit your parameters without
wasting time on homes that just aren't for you.
With all of these steps in place, you
are now ready to go out and find your first home.
Finding Your First Home in Knoxville
Expect to find a home in Knoxville in a
very short amount of time.
Oftentimes people wonder just how long
it takes to find that perfect home. Some people have images of
walking around for months or even a year. Well the truth is that some
people actually do look for a home for years, but those people are
not truly motivated. Someone who is driven to buy their first home
will discover one that's right for them in about two weeks. That
means if you are a first time home buyer who is really ready to buy a
home in Knoxville, you shouldn't worry about wearing out your shoes
walking around for months to a year. About two weeks is all it will
take, and that's really about the maximum for the motivated home
buyer. Many home buyers will find a home in only two or three days.
How many homes will you see in a day?
If you have images of going to see 40
or 50 homes in one day, you may want to get rid of those. It would be
difficult for you to remember all of the details of those homes.
Typically home buyers will view approximately seven homes on a given
day.
How can you make sure you remember all
of the details?
Simply bring a digital camera along
with you on the trip. You'll also want to take very detailed notes
about all of the features of the home. You'll want to note design and
other small but important details. Take a close look at the
surroundings of the home. Is it near a school? Is it on a busy
street? How far away are the neighbors? What's the general vibe you
get as a new person coming into this neighborhood? Is the home near a
park? Is it close to some sort of industrial plant? All of these
details will have a large effect on your overall experience while
living in the home.
With a great agent, there's no doubt
you'll have a wonderful home buying experience.
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