More space for less cash

Lakeshia Hinton found a foreclosure in Atlanta's Camp Creek area that allowed her to buy a larger home for less cash. Hinton, 30, a senior accountant for an insurance company who is pursuing her master's degree from the University of West Georgia, chatted about her first place.

Q: How long did you rent?

A: For two years. After I filed my income tax last year, and I found out I would have to pay back, I was like, "Wow. It's either have a baby or buy a house." I spoke with my agent (Bridgett Young Lewis with Harry Norman,

Realtors) and she told me my credit score wasn't exactly where it needed to be for the kind of house I wanted. She told me to wait a year and save up my

3 1/2 percent (for a down payment) and then we'd talk. I eventually saved up.

Q: What did you want in a home?

A: I wanted at least 3 bedrooms, 2 1/2 baths. A washer and dryer upstairs. I wanted a kitchen that was open to the living area or the den area. Every home she showed me had that.

Q: Did you set out to buy a foreclosure?

A: It just so happened that a lot of the neighborhoods had foreclosures.

Q: How did you know this was the one?

A: She told me that when I walked in and I could just picture myself in it, that that would be the one. When I walked in, I was like, "I love it, I love it." Everything was what I wanted.

Q: Did you have to wait long for the offer to be approved?

A: It wasn't long at all. I put it in on a Friday or Saturday. I found out that Tuesday morning. They only wanted $129,000 for it, so it was right at the top of my price range. I needed a hot water heater; they fixed that. One of the air- conditioning units needed repairs, and they fixed that.

Q: How did the $8,000 federal tax credit for first-time buyers factor in?

A: It was very crucial. Knowing I was going to get the $8,000 back (she filed an amendment to her taxes to receive the funds this year), I would be able

to pay off my car and that would free up $400 a month.

Q: What else did you consider in your search?