Dicker & Reed Team
Paul: 214-690-7442 Cynthia: 214-293-2070
Susanne: 214-244-9792


Common Questions from First-time Homebuyers
Why should I buy, instead of rent?
    • Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you'll enjoy having something that's all yours - a home where your own personal style will tell the world who you are.
Should I use a real estate broker? How do I find one?
    • Answer: Using a realtor is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A realtor will be well-acquainted with all the important things you'll want to know about a neighborhood you may be considering...the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the multiple listing services for homes you'll want to see. With immediate access to homes as soon as they're put on the market, the realtor can save you hours of wasted driving-around time. When it's time to make an offer on a home, the realtor can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don't have to pay the realtor anything! The payment comes from the home seller - not from the buyer.
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Can you give me information about the Expansion of Homebuyer Tax Credit?
  • Answer: The Recovery Act extends tax credits made available to first-time homebuyers under the Housing and Economic Recovery Act of 2008 (HERA), increasing the maximum allowable credit and extending the time period during which home purchases can be made.
  • Eligible first-time homebuyers may receive a tax refund equal to 10% of the purchase price of their home or $8,000, whichever is less.
    • Eligible households include people buying their first home and people who have not owned a home in the past three years.
    • To receive the full credit, single homebuyers can earn no more than $75,000 per year and married homebuyers filing jointly can earn no more than $150,000. A partial credit is available to certain homebuyers earning above these ceilings.
    • New provisions under the Recovery Act allow homebuyers who have purchased their home through TDHCA’s First Time Homebuyer and Mortgage Credit Certificate Programs, and similar programs administered by other housing finance agencies, to receive the credits.
  • TDHCA is in the process of designing a down-payment assistance program for recipients of the federal Homebuyer Tax Credit.
  • This credit applies to home purchases on or after January 1, 2009 and before December 1, 2009.
  • Homebuyers apply for these credits when filing their income taxes.
Program Resources
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