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How Much Home Can You
Afford
Once you have decided that you want to buy a Las Vegas Home,
the next step is to determine how much home you can afford. Unless you plan on paying cash, then
you will need to obtain a Home Mortgage loan. I have a strong relationship with various
lenders in Las Vegas. Getting
approved for a home loan is free, non-binding and takes about 30 minutes. It is essential to
be approved for a mortgage loan, especially in these economic times.
Qualifying
for a Home Mortgage Loan
In order to
buy a home you will need to obtain a loan to cover the cost of the purchase. You must meet certain
qualifications to be approved for a loan. It is important to understand what these qualifications
are so that you will know approximately how expensive a home you can afford.
My lender can discuss qualification requirements before you begin
looking for a home. This can help you to determine what price home you can afford. My lender will
perform only a brief analysis of your financial information. An official loan approval can only be
granted after formal application and verification of all your financial
information.
Rules for
2009 first-time Home buyers Tax Credit
*Does not have to be repaid unless the home is sold within three
years.
* Applies only to first-time home buyers, defined as those who have not
owned a home within the previous three tax years.
* Available only for homes
purchased between Jan. 1, 2009, and Dec. 1, 2009.
* Restricted by income;
phases out for individuals with an adjusted gross income of $75,000 or above and for
married couples with a combined adjusted gross income of $150,000 or
above.
*
Tax credit is
for up to 10 percent of the purchase price, up to a maximum of $8,000. For
example, a buyer of a $150,000 home could receive a tax credit of a maximum of
$8,000, while a first-time buyer of a $70,000 home would be eligible for a tax
credit of $7,000.
* The credit can be taken on 2008 taxes even when the purchase is made
in 2009.
Home buyer Tax
Credit
- The bill provides for a $8,000 tax
credit that would be a claimed on a tax return to reduce the purchaser's income tax
liability. If any credit amount remains unused, then the unused amount will be
refunded as a check to the purchaser to first-time home buyers for the purchase of a
principal residence on or after January 1, 2009 and before December 1, 2009. The
credit does not require repayment. Most of the mechanics of the credit will be
the same as under the 2008 rules:"
Home buyers can take advantage of this filing
exception in one of three ways: closing on the home prior to April 15, 2009, getting an
extension to file taxes later in the year or filing an amended
return.
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Pre-qualification vs.. Pre-Approval for a Home Mortgage
Loan
My mortgage lender can "pre-qualify"
you for a mortgage before you start hunting for a home. This process includes analyzing your
income, assets and present debt to estimate what you may be able to afford on a home purchase.
Obtaining mortgage "pre-approval” is another thing entirely. It means that you have in hand a
lender’s written commitment to put together a loan for you.
Reasons for becoming
a pre-approved buyer:
 You look only at homes that you know you are qualified to
purchase.
You minimize the trauma of not knowing whether you’ll be
approved for a loan on the home you’ve selected.
You can close more quickly. Once you find a home, the
only remaining question will be whether the house will "appraise" for enough to warrant the
loan.
Receive a pre-approval letter, this
lets the seller know you can close the deal.
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