| Buying a home for the first time is a big decision and a | | | | The first thing you need to do is form a good plan. |
| lot of things have to be considered before a new | | | | You need to have a good understanding of your |
| homeowner takes the plunge. Among the things to | | | | budget, particularly your income and expenses so you |
| think about is the price of the home, the number of | | | | can figure out the price you can afford. |
| rooms, the location (is it near where you work or close | | | | You will also want to work on your credit rating if |
| to your children's school), your furniture, to name a few. | | | | there has been any damage to it. This way when you |
| During the first few months of President Barack | | | | apply for a mortgage, nothing will stand in your way. |
| Obama's first year as president, he ratified one of the | | | | Talk to your lender about applying for the First Time |
| best plans to help first time homebuyers get credit | | | | Home Buyer's Stimulus program. They are well |
| from the home they are purchasing. | | | | informed about the application process and can help |
| A first time homebuyer is not actually someone who | | | | you set up a plan for paying your mortgage. For first |
| has never bought a home before but someone who | | | | time homebuyers, a loan can be negotiated to help |
| has not bought a home in the last three years. The | | | | pay the mortgage that is customized to your income |
| credit can be as high as 10% of the purchase price to | | | | so you can afford to pay it back. |
| a maximum of $8,000. | | | | |