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When Applying For a Loan

10 COMMANDMENTS ~ when applying for a loan
 
1) Thou shalt not change jobs, become self-employed, or quit your job no matter how
much you may hate it, until the day after your purchase closes!
2) Thou shalt not buy a car, truck or van unless you want to be living in it.
3)Thou shalt not use charge cards excessively or let your accounts fall behind.
4)Thou shalt not spend money you have set aside for closing.
5) Thou shalt not omit debts or liabilities from your loan application.
6)Thou shalt not buy furniture until you own a home to put it in.
7) Thou shalt not originate inquiries into your credit.
8)Thou shalt not make large deposits without first checking with your loan officer.
9)Thou shalt not change bank accounts.
10) Thou shalt not co-sign a loan for anyone.
 
Tax Credit for Homebuyers

First-time homebuyers who purchase homes from the start of the year until the end of November 2009 may be eligible for the lower of an $8,000 or 10% of the value of the home tax credit.  Remember a tax credit is very different than a tax deduction – a tax credit is equivalent to money in your hand, as opposed to a tax deduction which only reduces your taxable income.

The tax credit starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.