$8000 Home Buyer Tax Credit Countdown Crunch

April 19, 2010 - PRLog -- El Paso Home Finders knows everyone wants to capitilize on the $8000 home buyer tax incentive. With the tax $8000 Home Buyer Tax Credit winding down El Paso Home Finders feel these steps will ensure home buying success.

1. Create a budget.  The worst thing would be to purchase a home you cannot truly afford or does not leave you any disp[osable income for self indulgence.  Creating this budget allows you to see what you can truly afford.  Remember to include property taxes and home owners insurance along with your estimated mortgage payment in your budget.  El Paso Home Finders website; http://www.elpasohomefinders.com has useful tools to assist you.
2. Check your credit.  Not only should you check your credit but your FICO score.  The credit report allows you to see what is on it and give you an idea of where you might stand when you apply for a home loan or what you may have to dispute and fix.  The FICO scores will give you the numerical strength of your credit report.  Obviously, the higher the score, the better.  It is the preferred practice to check your credit report 3 times a year.  This can be done for free by requesting one per Credit Reporting Agency; Experian, Equifax, and Transunion.  You can find a link to receive all three credit reports at http://www.elpasohomefinders.com.
3. Pre-approval.  This is key.  Getting pre-approved is a powerful weapon in the home buying arena.  This will allow you to shop the the right amount of home for which you already qualify.  This allows you to see exactly what a mortgage loan company will fund and spped up the home buying process.  Knowing how much you can spend filters out what you thought you can buy from what you will buy!
4. Shop for homes.  While this may be the easiest of all of the steps not everyone has the luxury and time to "shop" for homes all day long.  El Paso Home Finders can make this very simple for you.  We research and find the homes options, new, resale,  that you may want or qualify for without you leaving your home all the time.  Contact us at http://www.elpasohomefinders.com, we find your home specifications, then contact you when we have homes for you to view.  We even serve individuals whom do not want to deal with a real estate agents and their pressures.  Once you find the home you want we use one of our many preferred real estate agents to start the contracting process.
5.  Have Earnest Money.  Earnest money is required when you execute a contract.  This shows your dedication to the sale of the home, to default means you would lose this money.  Usually this money equates to about $500.
6.  Prepare for Down Payment.  Depending on which loan you qualify you will have to be prepared to spend 0%, 3.5%, 5%, or 10% of the home cost up front at closing.
7.  Closing costs.  There are costs associated with the procurement, paperwork, processing, and administrative costs associated with home buying.  Sometimes this could average about 3% of the home cost minus down payment.
Now while there maybe additional or even less steps associated with your home purchase, steps 1-4 make the process very simple and quick.
For more information and to see or purchase a new home, custom built home, or resale home, contact El Paso Home Finders on our website at http://www.elpasohomefinders.com

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El Paso Home Finders is a real estate research and finding service for individuals looking to buy a house in El Paso, TX, find a home rental, or list their house for sale.