I Keep Hearing about this $8000 tax credit.
What is it?
How do I know if I am ready to buy a home?

The $8000 first time home buyer tax credit is FREE government money that is given to you for taking the steps to purchase your first home. This money never has to be paid back and yes you can receive it before you file your 2010 taxes. It takes about 8 weeks from the time you mail in your form to receive the money in the mail. It is not too good to be true. Now that you have this information, the next step is determining if you are ready to buy a home.

There are 5 things that you should review when you want to determine if you can purchase a home.
1.Have you had a steady source of income/been employed for at least 2 years?
2.Do you pay your bills on time?
3.How much long term debt do you have including student loans, car payments, etc?
4.Do you have the money for a down payment?
a.This can be in the form of a gift from a blood relative.
5.How much of a monthly payment are you comfortable with?
a.Don’t forget about extra bills such as sewer, water, and homeowners insurance

After reviewing the above information and you have determined that you are ready to start the home buying process, it is time to contact a real estate agent. The tax credit runs out on November 30 so don’t waste anymore time. There are lots of properties out there waiting for the perfect buyer!! Please contact me with any questions that you may have. I have helped many first time homebuyers with this process from start to finish.

Laura Breitenstein
Real Estate Consultant
Hermann London Group
314-608-2299
laura@hermannlondon.com