5 Tips to Save Money for First-Time Home Buyers

Those who missed taking advantage of the first-time buyer tax credit but who are still planning the purchase of their first home, continue to have a wealth of opportunities in today’s marketplace. A few smart steps can save first-time buyers thousands of dollars. Here is a look at some of the ways how: Continued 

Rio Rancho Offers up to $5,000 for First Time Buyers

- Read about Rio Rancho’s Commu­nity Development Block Grant and how it could help you get into your first home. Click here.

Almost Half-Million First-Time Buyers in First Quarter

Some 455,000 first-time buyers took advantage of low prices and interest rates to close transactions in the first quarter of the year, latest NAR statistical data show. Anecdotal evidence suggests the first-time buyer tax credit played a role in bringing out buyers, too. Other data show that the large number of distressed sales continues to hold down prices, with 134 of 142 markets tracked by NAR showing price declines for the quarter. Total state sales activity for the quarter put sales on a 4.59-million unit sales pace. Read more from the latest issue of Real Estate Insights.

WHAT IS THE FIRST-TIME HOMEBUYER TAX CREDIT?

In 2008, Congress created the first-time homebuyer tax credit as a method of encouraging new homebuyers to purchase a home. The program provides up to an $8,000 tax credit for first-time homebuyers who purchase a home before December 1, 2009. The homebuyer must live in the home for at least 36 months, or they will be required to repay the tax credit to the IRS. Additional information regarding the federal first-time homebuyer tax credit can be found at www.federalhousingtaxcredit.com

Housing Can Save the Economy
During a presentation at NAR’s Annual Conference, NAR Chief Economist Lawrence Yun predicts “If housing prices stabilize, the current recession could be mild and recovery could come in the second half of 2009.” Read more >

More First-Time Buyers Entering the Market
"First-time buyers are much more flexible because they aren't concerned about selling an existing home," says Lawrence Yun, NAR chief economist. Read more >

Don't Get Tripped Up by Mortgage Fraud
With mortgage fraud schemes becoming more varied and complex, we need to remain vigilant about staying on the right side of the law. Read more >