Q: My wife and I have started saving for a down payment to purchase our first home. So far, we have $7,000 in our savings account. Will this amount be automatically reported to the credit bureaus and improve our credit score? If not, is there a way to report the savings ourselves so we can raise our score and improve our chances of getting a bank’s approval when we eventually file our mortgage application?

A: The good news is that the two of you are well on your way to saving a down payment to buy your first home. Congratulations.

The bad news is that all the money you have saved up won’t have any impact on your credit rating. That’s because credit bureaus don’t consider money held in savings or checking accounts, stocks you own or even retirement plans when computing your overall credit score.

Instead, your rating is primarily based on how well you have managed your debt obligations and how much you currently owe to creditors – and has nothing to do with how much money you have in the bank.

Q: I signed a contract to purchase a house three weeks ago, but my lender has since sent me a letter stating that a survey of the property will need to be conducted before the loan can be completed. The survey would cost $450. Who is responsible for paying this bill – me or the seller?

A: Surveys aren’t normally required in most realty sales. The seller often pays the tab when a lender demands one – especially now that home sales in many areas have slowed – but it’s a fee that’s subject to local custom and the normal give-and-take negotiations involved in a real estate transaction.

Q: We are getting ready to put our home up for sale, but have already paid in full our 2006-2007 property-tax bill of almost $4,000. Will the buyers have to give us a refund of the property taxes we have prepaid?

A: You will be reimbursed for the property-tax bill you have prepaid, but the buyers probably won’t have to write you a separate check for it. Instead, the closing attorney or escrow officer who’s handling the sale will likely prorate the taxes that you have paid and then provide you with an appropriate credit on the day the sale closes.

The credit will ensure that you are refunded the proper amount, even though the buyer or closing agent won’t need to issue a separate check for it.

Q: I have heard that some federal government agencies offer good deals on foreclosures. How do these sales work? How can I find out what properties are available?

A: Government foreclosure sales work differently from foreclosure sales operated by private banks, auction houses or local tax-collection agencies. For starters, the listings are usually available for the first 45 days only to potential buyers who plan to live in the home: It’s a good rule, because it helps keep professional real estate investors from driving a home’s price higher.

The FHA and VA will sometimes offer their buyers attractive financing packages too, as opposed to the “all-cash” requirements often demanded in other types of foreclosure sales.

Consumers who want to buy a VA or FHA foreclosure must submit their bids through a government-registered real estate broker. The broker can help buyers navigate through all the paperwork and overcome unexpected problems that may arise as the deal moves toward closing.

You can find a list of foreclosure properties that the government has for sale in any part of the nation by visiting the federally operated www.homesales.gov Web site. The site is free, and listings are updated every Friday.