BiggerPockets

In what sense do you mean "claim" it? Do you mean claiming it as a tax deduction because it was used for repairs, or do you mean claiming it as part of the purchase price when applying for the first time home buyer tax credit?

From what I understand the first time home buyers tax credit is 10% (up to $8,000) of the purchase price of the home. I don't think extra costs for repairs whether the money is used out of pocket or used from a loan has any bearing.

The tax credit is based solely on the purchase price of the home. The additional costs have no bearing on the actual sale of the house and I do not believe they can be claimed as a tax deduction. I would be careful before you do anything and the best bet is to contact a CPA or accounting professional who understands the tax codes extremely well.

JR McGee

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Oftentimes, first time home buyers may be overwhelmed by the process of home buying. Therefore, they must understand the process starting from the decision to buy a home, the approval of loans, up to the receipt of the keys to their new home.
Needs vs. Wants
Before looking at homes, it's important to decide who many bed and baths are comfortable for you. Also establish if you need a town home vs. a single family home. It's recommended that you make two lists:
1. Needs list should be the minimum requirements that you want for a home. List specific details such as a yard for the dog, etc.
2. Wants list include the things that you would love to have if possible. This includes a fire place, huge dining room, etc.
Finding Loans

After establishing your needs and wants, you must find out how much you can afford to buy. Here are a few tips to consider:
• Budget - first of all, determine how much you can spend on a monthly mortgage comfortably.
• Get pre-approved - you don't need to use the bank that initially pre-approved you for a home loan. It's just good to get this pre-approval so that you would know what you're looking for when you search for homes.
• Credit score - your credit score will make a big difference whether you're qualified for a loan or not. Also, it would affect the interest rates. That's why you need to make sure that your credit is good before you buy.
• Shop around - don't just stick to the first bank you talk to. Ask lots of questions and call several banks. There are also online calculators you can use to see how much monthly payment you can afford.
Search for Properties
Even if there is heaps of information available online, you might still need to hire a real estate agent. This is because local markets vary in many ways. Good agents can give you information and guide you based on market knowledge and experience.
Typically, you'll be looking at several homes a day when searching for the right place. Therefore, don't forget to bring a digital camera to take lots of pictures. Remember to focus on the floor plan and look past the cosmetics - it's easy to tear the carpet and re-paint but it's hard to move windows and walls around. Finally, look at the neighborhood and think about the home's resale value in the future.

This article was found : http://www.openmarketrealty.com/blog/first-time-home-buyer-guide/