Economy Rockford: First Time Homebuyer Advice

Experts say first time homebuyers are the biggest force moving out local housing market. Many of them are cashing in on the governments $8,000 tax incentive. We look at what these buyers should know before signing.

Buying a home is a huge financial investment. So, do your homework. 23 News housing expert Steve Bois says before you go house hunting, have your finances in order and know how much you can spend. Also, save money for a down payment and closing costs. Bois also says, don’t assume foreclosures are a good deal. Foreclosed homes often require extensive repairs, so weigh the costs of fixing it up. Bois says seeking professional help can prevent mistakes.

A general rule of thumb, expenses involved in buying a house shoul not exceed 20% to 25% of your total income.

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