First Time Buyers
If you're contemplating buying your first home, congratulations!
There's nothing like the pride and satisfaction that comes from home ownership.
And there has never been a better time to buy than right now, with lower housing prices, historically low interest rates, and special federal tax incentives.
Federal First Time Home Buyer Tax Credit
Thanks to the federal government's new tax programs, there could be certain advantages to buying your first home now. First time homebuyers may receive a tax credit of up to $8,000 on homes purchased between January 1, 2009 and December 1, 2009.
The National Association of Homebuilders' Web site includes a clear explanation of the first-time homebuyer credit at www.federalhousingtaxcredit.com
Local, State and National Resources
There are also special assistance programs available to first time buyers from federal, state and local agencies.
The Federal Housing Administration (FHA) offers loans to individuals with average credit or little money for a down payment. The U.S. Department of Housing and Urban Development (HUD) may also help with down payments and closing costs.
The Michigan State Housing Development Authority Web site has information about state programs designed to provide financial and technical assistance for homeowners.
In Washtenaw County, there are a number of local agencies that can provide help with down payments or affordable housing alternatives. Click here for more information.
Get a Professional Partner
It's especially important for first time buyers to use the services of an experienced, professional Realtor. She can help you locate a home that will meet your needs, answer any questions, demystify the process and protect you from many pitfalls.
Best of all, the services of a buyer's agent are usually free. For more information, see About Buyer Agency.
Request our free Buyer's Handbook
Request a referral to a Qualified Buyer's Agent
Federal First Time Home Buyer Tax Credit
Thanks to the federal government's new tax programs, there could be certain advantages to buying your first home now. First time homebuyers may receive a tax credit of up to $8,000 on homes purchased between January 1, 2009 and December 1, 2009.
The National Association of Homebuilders' Web site includes a clear explanation of the first-time homebuyer credit at www.federalhousingtaxcredit.com
Local, State and National Resources
There are also special assistance programs available to first time buyers from federal, state and local agencies.
The Federal Housing Administration (FHA) offers loans to individuals with average credit or little money for a down payment. The U.S. Department of Housing and Urban Development (HUD) may also help with down payments and closing costs.
The Michigan State Housing Development Authority Web site has information about state programs designed to provide financial and technical assistance for homeowners.
In Washtenaw County, there are a number of local agencies that can provide help with down payments or affordable housing alternatives. Click here for more information.
Get a Professional Partner
It's especially important for first time buyers to use the services of an experienced, professional Realtor. She can help you locate a home that will meet your needs, answer any questions, demystify the process and protect you from many pitfalls.
Best of all, the services of a buyer's agent are usually free. For more information, see About Buyer Agency.
Request our free Buyer's Handbook
Request a referral to a Qualified Buyer's Agent
