Hi Tonia,

The 8000 rebate does have some guidelines and I have that information on my website with a link to the irs as well. Read over that information and check out the irs too. Really can't answer your question on the income. You really need to meet with a Mortgage Consultant and let them go over your income, debt etc. They can work with you to determine what you can qualify for and what your options are based on your situation.

Hope this information helps and Good Luck.

Ginger Chmelewski

Hi Tonia, as my colleagues have answered your Tax credit question very extensively, I'd emphasize the fact that it is always to your advantage to have an experienced Buyer agent to represent you. If you don't have one yet, please don't hesitate to call any of us!

Thanks.

Hi Tonia
Congratulations, and in answer to your question, it all depends on who is on the loan, both parties must have not owned a home in the last 3 years. That part is pretty straight forward, some of the rest is confusing. I agree with the previous answers you must have a buyers agent representing you, there is no charge for this service. I would be happy to help you and your fiance'.
Michael

Tonia - I agree with Krista on the qualifications. There is a lot of confusion going around. Here is a direct link to the most updated information on the IRS website...
http://www.irs.gov/newsroom/article/0,,id=206293,00.html

This is another one with answers to 22 FAQ's on the tax credit.
http://www.federalhousingtaxcredit.com/2009/faq.php

Hi Tonia,

I agree with Mike. I would suggest you to interview a couple of agents who would be able to put 100% their effort and find what you are looking for. The market knowledge and experiences are very valuable just like any other profession. A good agent can lead you through this complicate process and make sure that your money is invested in a right place.

Good luck,

Tonia,

I have looked through the $8000 tax credit and to my understanding you would be eligible for it, if you were still not married when you purchased and were able to qualify for the home on your own. However, if you are purchsing your new home with joint income then you are not going to be able to use the Tax Credit. (unless by the time of closing, it is over 3 years ago that your fiance has sold his townhome)

In regards to using an agent, I strongly recommend using one. The cost of the buyer's agent is paid for by the seller in most cases. It is stated in the listing agreement and entered in the MLS.

You could look for homes on your own, but there are many benefits to having a Buyer's Agent assist you. Besides having an Agent whose sole duty is to protect you and help you find your new home, agents also have access to the most up to date listings. This enables them to let you know as soon as something is listed that meets your desires/criterias. Often the information that is accessable to Buyers is not as reliable and there can be homes that are under contract or sold that you are seeing as still being for sale.

We are holding a Home Buyer's seminar on June 13th at 10am. We will be going over the different types of Agency relationships that buyers have when they purchase a home. Since you have not purchased a home before I think that you would find it very informative. If you would like to attend you can RSVP at: FVSeminar@gmail.com or you may contact me directly. There will also be a lender, attorney, home inspector and home insurance professional attending to answer any questions that you may have.

Feel free to contact me with any additional questions that you may have!

Krista Abshure
Century 21 Becky Medlin Realty
Direct: (919)753-6518

HI Tonia,

No, you will not be entitled to the credit.
I recommend you speak with a lender and get appraised of all of the facets of the financing process. Once you know how much you can afford you should start looking on your own as well as with an agent. I have all of my home buyers drive around and look at neighborhoods on there own and see what appeals to them. Then based on there criteria I take my clients out to view properties. A good agent will make the process stress free and enjoyable.

Happy Hunting!
Lizete

The very first thing to do is meet with a lender to find out the guidelines and the amount you qualify for to get a loan. At that point you can also get a pre-qualifying letter that will be submitted with an Offer to Purchase. You are a first time buyer so get the guidance of an experienced Realtor who can help you as you figure out what is important to you in this new home. It isn't just price or size, there are so many other things to consider. Then focus on your top 3-5 characteristics/qualities, or the things you "must have" to be happy with your new home.

Most serious sellers list with a Realtor who represents them, and gives them access to ALL the Realtors in the area. If you look on your own, you won't have a Realtor representing you, someone knowledgeable about housing, the area, the reams of paperwork, etc. Take care of yourselves by finding a Realtor.

Tonia - The best thing to do is talk to a lender first and see what the best options are for the two of you to be able to capture the $8,000 tax credit. I can give you the name of several for you to speak with an see who has the best programs for you. They will be able to tell you what price range to be looking for homes in.

Then it is best for you to get a buyers agent that is working for you from the start. They will be able to help you look at homes that best meet your needs. It is very difficult for an agent to come in and "seal the deal" after you have seen the property with the listing agent. There are rules on who gets paid and who represents who that start to get in the way of making your transaction as smooth as possible. It is important that you get an agent with experience in the market and negotiating. There are a number of agents including myself that have been practicing in this market for 15+ years that have sold over 1000 homes that would be able to advise you and your fiance in making the best purchase decision for your situation. This agent would also be able to negotiate repairs effectively and follow up on all the details needed to get you to closing.

Typically a buyers agent is free to you. I do not charge an upfront fee or any fees in addition to what the seller or sellers agent is offering to pay. Some agents do charge a fee upfront. Some of those agents apply that fee to you at closing and some will keep it as a buyer processing fee. Be sure to check around before signing a buyer agency agreement as to how your buyers agent intends to be paid.

Feel free to contact me through Trulia if you have additional questions. Best wishes in your upcoming marriage. For some funny reading check out the blog post that one of the agents that works for me got featured nationally for this week on purchasing her first home with her new husband...
http://activerain.com/blogsview/1103767/agent-attempts-caree…

Tonia,

I think you will not qualify for the tax credit in a joint purchase. Sorry.

If you want to use an agent, it is a good idea to get the agent involved early in the process.
You will get a lot of help and input from a good agent, who delivers great value to you in your first home search.
You will not pay a penny up front.
Generally the Buyers' Agent is paid from the fee that the Seller pays to the Listing agent.

Take a look at this bulletin that discusses real estate agency:
http://www.ncrec.state.nc.us/publications-bulletins/WorkingW…

There are many other informational publications and bulletins from the NC Real Estate Commission on this site:

http://www.ncrec.state.nc.us/publications-bulletins/publicat…