Field Guide to Working with First-Time Homebuyers
(Updated May 2009)
Today's first-time homebuyer is educated and well versed in the homebuying process, due in large part to the internet. Still the leap from renter to homeowner is daunting and most rely on their agent for professional guidance and expertise. Use the resources, tips, statistics and links in this Field Guide to help your clients through the challenging first-time homebuying experience. (D. Foligno, Project Specialist)
2009 First-Time Homebuyer Tax Credit Resources and Information
Monetizing the tax Credit - 2009 NAR President Charles McMillan discusses the new HUD guidelines that allow consumers to use the $8,000 first-time homebuyer tax credit for home down payments - Podcast & PDF, (NAR, June 2, 2009)
In-Depth: 2009 First-Time Home Buyer Tax Credit, (NAR)
First-time homebuyer credit Q&A: Basic Information, (IRS.gov, May 7, 2009)
First-time homebuyer credit Q&A, (IRS.gov, May 6, 2009)
First-time homebuyer credit: Scenarios, (IRS.gov, May 6, 2009)
First-time homebuyer credit podcasts - English & Spanish, (IRS.gov, Apr. 21, 2009)
Federal housing tax credit explained Video, (National Association of Home Builders)
First-Time Home Buyer Tax Credit - Spanish, (Illinois Association of REALTORS)
Save Now With the Homebuyers Tax Credit, Item 135-90, (members may download this item for free)
Homebuyers' $8000 Tax Credit Promotional Letter Download, Item #E135-95 (members may download this item for free)
Why Rent When You Can Buy – English Version, Item #186-90, (members may download this item for free)
Why Rent When You Can Buy – Spanish Version Download, Item #E186-95 (members may download this item for free)
News
First-time buyers lift existing-homes sales 5.1%, (Wall Street Journal, Mar. 24, 2009)Q
Good news for first-timers, (Black Enterprise, Mar. 2007). Q
Getting it right the first-time, (Community Banker, Feb. 2007). Q
REALTOR® Tips
Unlock the "Dream" - A guide to understanding the 2009 first-time homebuyer tax credit; (Ohio Assn of REALTORS, March 2009)
20% down payment becoming a rare sight, (REALTOR® Magazine Online , Feb. 23, 2007).
Why you're worth it, (REALTOR® Magazine Online , Feb. 2007).
Condo conversions - a path to affordable home ownership, (Florida Association of REALTORS® , 2006).
Fear of commitment: advice for first-time homebuyers, (uExpress.com, June 14, 2006).
Homeownership benefits, (Wisconsin REALTORS® Association, July 2004).
Consumer Tips & Resources
Common questions from first-time homebuyers, (HUD, Jan. 29, 2009)
First-time buyer tax credit: a reason to buy now, (REALTOR® Magazine Online , Oct. 8, 2008).
First-time homebuyer tax credit FAQs, (National Association of REALTORS® Government Affairs , 2008).
Buying your first home: a good time to buy a house -- if you can, (Wall Street Journal, Mar. 9, 2008). Q
First-time home buyers' guide to taxes, (Bank Rate.com, Jan. 10, 2008).
Buying a home, (HUD.gov, Jan. 8, 2008).
Homeownership vouchers, (HUD.gov, May 2007).
Paycheck to paycheck, (National Housing Conference, 2007) - Interactive 'wages vs housing costs' database.
Starting out: How to save for your first home, (Wall Street Journal, Feb. 2006). Q
Social benefits of homeownership and stable pricing, (National Association of REALTORS®, Jan. 2006).
Condo or co-op? What's the difference? (BankRate.com, July 1, 2003)
eBooks & Other Resources
eBooks.realtor.org
The following ebooks and digital audiobooks are available to NAR members:
How to Buy Your First Home, 2E (Adobe eReader)
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Buying solo, (Chicago, IL: Penguin Group, 2005). HF 5438 Su6
Home buying for dummies, (Chicago, IL: Wiley Publishing, 2001). HD 1341 T98
Field Guides & More
These Field Guides and other resources in the Virtual Library may also be of interest:
Field Guide to Getting a Mortgage
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The inclusion of links on this Field Guide does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked to this Field Guide complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.
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