This is my first computer build and everything seemed to be going right until we turned it on and the CPU light was flashing red. I've tried removing the thermal paste and re-applying it several times, I've gone to the motherboards instructions a few times also, i checked if any pins were damaged but it was all fine. Anyone know what else i could try, or is my CPU dead and have i lost all that money?
The CPU light typically indicates a problem with the CPU. Intel have a 3 year warranty on that processor model, either return to the point of purchase or Intel for a replacement. You shouldn't be suffering financial loss for a DOA chip.
see if there a bios label on the mb. if not see if there on on the box. it could be with your new mb the mb bios does not have the cpu code yet to post your new cpu. as your mb has the usb flashback port use a usb stick and download the bios updates and flah the mb. also check that the cpu heat sink not on too tight and that the back plate not shorting out the cpu if it metal.