First Time Homebuyers
First Time Homebuyers (6)
Tax Credit Provides Outstanding Opportunity for Home Buyers. A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
Tax credit gives young adults a big reason to become homeowners. Eight-thousand dollars posted directly into Thomas Rhea's bank account in early May. The 28-year-old construction coordinator and his wife Melissa Rhea had purchased their first home in February, and the money was from the First-Time Home Buyer Tax Credit. Cold hard cash. It seemed too good to be true, a movie-of-the-week premise. But this was the real deal.
For young adults, there's more than one answer. You know it's supposed to build equity. You know you won't hear your neighbor snoring through apartment walls anymore. You even know where to hang your John Belushi poster that should have never left the dorm. Still, there are a few things rookie homebuyers may not be aware of. Things that can cause big headaches and big bills if you're not hip to them. So tune in, and wise up.
Before you buy, you have to decide what you want - right? The house in the Overbrook neighborhood dated back before 1940. If you put furniture right next to the wall, it leaned inward a little, the closets were somewhat small and there was only one bathroom. But for 37-year-old Shannon McKamey, it was exactly what he was looking for. He chose this house for several reasons. He wanted to be within walking distance of downtown Greenville, he liked the size of the house and it was in his price range.
Experts share tips on determining what you can afford and settling on a rate. Buying a home for the first time can be a daunting process. No, let me rephrase that: buying a home for the first time is definitely a daunting process. Phrases and new terms like mortgage payments, PMI, installment loans, credit scores and origination fees swirl around the minds of those first-time homebuyers. What does it all mean? How can you know if your credit is good enough to buy a house?
First-time homebuyers who fall within the low to middle-income bracket may also qualify for financial assistance from the Greenville Housing Fund, a nonprofit organization started in 2007 from a partnership through the United Way, the City of Greenville and the Greenville County Redevelopment Authority.
Can't buy or build a green home? There are small (and affordable) ways you can green up what you buy. When thinking about making your home more green and energy efficient, the first thing that probably pops into your head is solar panels. While solar panels are definitely a part of "greenifying" your home, there are several, less extreme things you should evaluate first. They may not be quite as glamorous as solar panels, but taking care of them first can maximize cost effectiveness.
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