The first-time home buyer credit was used by a large number of people. On the acquisition of a new house, you may be able to deduct up to $8,000 in expenses. Unfortunately, the program is no longer available. The good news is that many first-time home buyer aid programs are still available; you need to know where to look.

Many government institutions, including Fannie May, Housing and Urban Development, and the Veterans Administration All these agencies provide housing help to first-time home buyers. The specific programs, as well as the conditions for each program, will differ from one agency to the next.

An online search is a fantastic place to start. Visit each organization to learn about their programs and the requirements. You will almost qualify for a few of them. Some of them will need you to have a home loan pre-approval from a local lender. To avoid slowing down the process, make sure you follow the directions exactly.

For the first-time house buyer, here is some general information:

1. Only you and no one else can decide how much housing you can afford. The bank will only consider your financial situation, not your way of life. Don’t overextend your mortgage payments if you enjoy spending two weeks in Europe every year. Many people believe that if their bank accepts them for a specific amount, it is the largest they can borrow.

That isn’t always the case, though. Again, the bank is interested in the numbers, not your way of life. Always leave some breathing room between what you have to spend and what you can actually afford.

2. Many factors must be considered while calculating that monthly payment. You’ll have to pay not only the principal and interest on your loan but also your homeowner’s insurance and property taxes (this is known as PITI).

So even if you can afford your principal and interest you have to make sure that you can also afford your property taxes and insurance too. I once owned a home where the property tax part of my monthly payment was more than the actual mortgage amount! Needless to say, I don’t live in that state anymore.

3. Avoid skipping the inspection. You can save yourself a lot of trouble in the long run by hiring a skilled inspector. While no inspection is foolproof, it will give you a decent sign of what faults, if any, your new property has. An inspection will most likely reveal whether electrical or plumbing repairs are required soon

If you have issues with the house, it doesn’t always imply it’s a deal-breaker. A minor issue can be used as a negotiating strategy to reduce the price.

Even though the tax credit has gone, now is still an excellent time to buy because there are still plenty of available properties. There are many first-time home buyer aid programs available.