so just to bump this thread...pulled my 3 credit reports today, found out my scores are a bit higher than i was led onto by 5/3, and to the point where i could probably get into prime rates, if not, damn close...i found a place in gahanna, closer to work than i am now, decent area (hell, its gahanna), for <95k. ive been trying to read as much as i can into all this home buying stuff. few things i want to ask about...
1) taxes on the property for a year are ~$1,650. this, as well as mortgage intrest is tax deductible, correct? how much can that affect what i end up owing the .gov or getting a refund from them. is it going to be something miniscule like a couple hundred bucks, or will it be a decent amount. fwiw, annual income is only about 40k/yr, maybe a bit more, single, no kids.
2) the first time home buyer $7,500 tax "credit" (which ive seen is actually an interest free loan), if i close in time for that, do i get that $7,500 "credit" back on next years refund, then when i start paying back in 2 years, does it automatically calculate from what my refund would be (ie, if i was supposed to get back $2000, it will recognize i got that credit and turn my refund to $1500), or do i actually have to make those payments out of my pocket at a certain time?
3) if im the buyer, do i pay a realtor, or is that only for the seller? my mom is friends with a realtor, who i plan to talk to when i get some free time.
4) if anyone has an idea, (and i know this will vary), if its a smaller home (950 sq/ft w/ basement), gas and electric, how much might i expect for utilites? im only used to seeing an electric bill for my current apartment, as there is no gas, no water bill, no bills for garbage/trash pickup, etc.
5) approx. closing costs on a home of this amount?
what else am i looking over?
TIA