Noelle,

Congratulations on your graduation and your engagement!

The answers you have already received are all good and will serve you and your fiancé well. There are several first time homebuyer programs available and as Tina had mentioned and the $8000 1st time Homebuyer credit is a great option as well.

As with any government assistance the $8000 credit does have several limitations as well as a re-capture should you not stay in the home for at least 3 years (the entire $800 is re-captured at closing). In addition, to clarify a few points about the credit, the actual amount is 10% of the purchase price up to a maximum $8000 (whichever is less). For example, if you bought a home for $70,000 the maximum credit you would receive is $7000.

The form you need to fill out for the $8000 Tax credit is available through the following link. http://www.irs.gov/pub/irs-pdf/f5405.pdf

You should talk with a lender soon and pre-qualify so you know where you stand and what price ranges you are comfortable looking in. The lender will always tell you the maximum you can afford in monthly payments but it is always good to look for homes with slightly less commitment as this will eliminate the scenario of being "House Poor" (where the payments are high enough that you end up spending all of your income on major necessity items and a mortgage without leaving much for spur of the moment or fun things).

After that, as Fritz said, you should definitely work with a Buyer's Agent who will assist you through the process and explain everything as you proceed toward your decision on your first home and then through to closing. A Buyer's Agent makes sure your best interests are being put forward without the liability to the Seller and their interests. Here is a great article that explains it much easier than I could type it all out here. http://www.ired.com/buymyself/agency/970127.htm

I don't want to overwhelm you with information so I will leave it at that. Should you or your fiancé have additional questions please feel free to contact me anytime. Happy House Hunting! :)

Steven Dove
Broker
Re/Max Professionals http://www.SellingSpringfield.com
(217) 899-DOVE (3683)

Noelle, you and your fiancee' should spend the time and get prequalified by a mortgage professional first. This so you understand the right expectations before you spend time looking at the wrong property which is outside of your financial, comfort range.

Congrats Noelle,

I would recommend you call Town and Country Bank, they have numerous first time buyer opportunities at this time in addition to the Federal tax credit worth up to $8,000. Pre-approval is your best starting point. Then interview and hire a buyer broker to represent you exclusively. That is the only form of representation that rises to the same level as that of the sellers.

We would love the opportunity to interview. Have helped over 1150 families buy or sell in the area since 2000. Would love to share that knowledge with you so you get started on the right footing.

Fritz Pfister
Broker
RE/MAX Professionals
2475 W. Monroe
Springfield, IL. 62704
fritz@springfieldhome.com

Hi Noelle,

I have helped many buyers with their first home purchase - I would welcome the opportunity to work with you. The best first step is to get prequalified. There are several different financing programs. You may also qualify for the $4000 first time buyer grants in addition to the $8000 Federal tax credit. Not all lenders offer the same programs or have access to the first time buyer grants.

Please feel free to give me a call so we can discuss options. Buying your first home can be very exciting and stressful at the same time - my goal is to make it as stress-free as possible for you. I work with my clients to help them make an informed decision that they are comfortable with.

Thanks for the question!

Tina Davidson
Real Estate Group
Springfield, IL
217-553-2245 http://www.TinasListings.com