Buyer's New Year's Resolutions

Many renters are thinking about taking the leap to buy their first home this year. If you are one of them, here are some resolutions to make to help you achieve that goal:
1. Plan on being in a contract by April 30th, 2010, if you want to qualify for the $8000 first time buyer tax credit. It's the same deadline for move up buyers to get the $6500 tax credit.

2. Make a budget. You need to save or have a family member loan you 3.5% of the purchase price for a down payment on a FHA loan, 10-20% if you want to do a conventional loan.

3. Research Home Improvement. If you want a fixer, find out what you can do yourself, what you'll need to hire a contractor for, and how much it will cost. That way you won't be shopping for a home you can't fix up, or afford to fix up.

4. Fix Your Credit. Talk to a financial adviser or mortgage broker about how to improve your credit, and find out your credit score.

5. Pick Your Battles. Make a long list of must haves and can't haves for your future home. Now narrow it down to a realistic size. Now do it again. Okay, you are ready to start looking for your first home!