Qualified first time home buyers will be eligible for a tax credit of up to $8,000 when filing their annual tax return.  On Friday, May 29, 2009, however, HUD Secretary Donovan announced that the tax credit may be immediately available to those buyers.

Currently, borrowers who apply for an FHA-insured mortgage are required to make a minimum down payment of 3.5% when purchasing a home.  The 3.5% is still required, but now lenders can monetize the tax credit to cover closing costs or for an additional down payment.  According to HUD, "this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit."

For more information, see the press release from HUD or view Mortgagee Letter 09-15.  

Enjoy peace of mind during the home buying process by planning ahead and shopping for your real estate agent before you shop for your new home. Don’t get so caught up in the excitement of buying a new home that you miss out on the chance to have a real estate agent on your side.

Peace of mind starts with selecting a real estate agent from the pool of agents dedicated to buyers needs by exclusively representing real estate buyers only and ends with the satisfied feeling at closing that you were protected in all aspects of the transaction – location, negotiation , inspection, and getting the best mortgage rate .

While any real estate agent can arrange property showings, provide mortgage assistance, print up information from the Multiple Listing Service (MLS), explain the forms and agreements, and track the whole process, an exclusive buyer’s agent will point out reasons not to buy a particular property, negotiate aggressively for the best price and terms , include protective contingency clause in contracts to protect your interests, and most importantly, keep confidential any information that could hurt your bargaining position.

If you are looking for high end real estate , luxury real estate , or are buying a vacation home this representation becomes especially important.

When working with a NAEBA-member exclusive buyer's agent, you are assured of ethical conduct and adherence to NAEBA standards of practice .