Me and my husband want to by a house! need professional advice!!!?

Ok this is the plan, i have no credit history, he has bad but within the min standard for the state of FL.





Right now the gov is giving home buyers $8000 and then you have to buy a house within a year of reciveing the money.





So we were thinking of using that money to get our credit in order, and then get a loan.


so say our credit is good, how do we know what we can afford??? how do i know know how much we can get in a loan from the bank? i don't really know how everything works when trying to purchase a home, so i thought i'd try to ask on yahoo answers thank you!!!





Oh and my husband has a gross income of $35000 a year.Me and my husband want to by a house! need professional advice!!!?
You have to close on a house BEFORE you can receive the 8,000. And to receive the full amount your house must be worth more then 80,000 otherwise you will only get 10% of the value of the house,


If they filed for the 8,000 and didn't actually purchase the house, it is called tax fraud which is a very serious offense and they will be caughtMe and my husband want to by a house! need professional advice!!!?
chatspla is correct.





if you want a home, go to your bank immediately and provide him


whatever he does not know about you fiscally [$ wise.]





then, find in your preferred area where you want to live,


a RE agency and interview ONLY buyer's agents; and never


ever accept a dual agency agreement. IF you wish to know


why, email me.





YOUR agent should get you want you want and help


coordinate the financing and buying and closing
I dont know exact details but suze orman has some great home buying things on her webpage, like budgeting and how to get your credit in good shape. She also has all the laws of what you can and cant do for buying a home.





most of her things are free, but if there's a fee just google in promo code suze orman and there might be a code to use the software for free.
You have the $8000 tax credit thing backwards. You have to buy the house first - then you can apply for the tax credit. Right now that credit expires 12/01/09.
you should set up an appt at the bank. i don't think they're going to give you $8000 unless you already bought a house. the bank can help you get your finances in order. good luck.
You misunderstand the rules. You have to close on a house BEFORE you even apply for the $8000 credit. So your plan doesn't work.
I seriously doubt the state would pay you the $8000 unless you have a deal in place to buy a house.
Rule of Thumb: 1/4 of income on housing (PITI), and not more than 1/3 on housing and all utilities.





You WANT to buy a home, but you NEED to improve your credit. You improve it one month at a time. Pay ALL bills in full and on time. Pay off any delinquencies. Pay down/pay off all credit cards, paying 3-5 times minimums. STOP using credit cards except what you can pay off every month. In 6 months your credit rating should show some solid improvements. SAVE for down payment, need 3.5-5% down, and 10% is better. Need good credit rating, mid 600s to 700s, low debt ratio, stable employment and adequate income. The worse your credit, the more down payment you will need to qualify for a loan, and the higher your interest rate.


You're confused, the government is NOT just giving you money and you don't have a year to buy a home. There is a tax credit you may obtain AFTER your purchase by amending your tax return and sending it in with form 5405 and copy of HUD-1 and after 12 weeks you may receive the credit if you qualify. Your plan will NOT work.