First Time Home Buyer Mortgage Program with $8000 Tax Credit, Low Down Payment and Fixed Interest Rates on Government FHA Loans. Financing Assistance at Cheap Rates. Go To RealEstateMarketingThisWeek.com Part 3 (Excerpt) $8000 tax credit the government is paying you to buy a home with a very low down payment We have back in the studio today Mr. Dan Havey. Dan and I have worked together in the mortgage industry for about 14 years and we are happy to have him back. He has seen a lot of changes in the market and thanks again for being here. Michael, here is a question I wanted to ask you, there is so much misconception in the marketplace today as far as what is still available for financing. I think a lot of people have this idea that it is impossible to finance a loan or get a mortgage or that you have to be able to put 20% down or have a 720 FICO score. Can you let people know whats really going on out there? Well you know a lot of things have gone away. There are a lot of those old loan programs that were fancy ways to sell money and finance real property and a lot of thats gone. The reality of it is, if a person has a minimal amount of money down, there is absolutely financing through the Federal Housing Administration with 3.5% down. You can buy up to about $358000 with only 3.5% down. Now with Fannie Mae and Freddie Mac, we actually do have a few investors that will allow us to only put 5% down with those and that loan amount maximum is $417000. So there is still …
Gerald
April 25, 2010
Tax Credit for First Time Home Buyer Loans, FHA and Government Mortgage Incentive Program
REMarketingThisWeek asked:
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August 14, 2009
First time Home Buyers Program- A Key to your Own Home-The Federal Government’s Incentive Program
PATRICIA BARDOWELL asked:
The housing crisis has virtually brought the housing market to a standstill. Houses are now worth half the price, they were three years ago. Even with the low prices, the recession was so crippling to the economy, that people still would not buy these homes. Prospective home buyers were also in fear that they may lose their jobs, and would not want to commit themselves based on an uncertain future. Banks have frozen lending, and mortgage funding has all but dried up. Thousands of homes went into foreclosure, and many people filed bankruptcy to save their homes. The crisis is so severe, that many real estate
The Banks and mortgage companies have thousand of unpaid mortgages on their books, and many homes that were foreclosed on, in their inventory, that they either have to sell at a loss, or keep the houses until the value is closer to the balances on the mortgage. Even homeowners find themselves in an upside down position. Their homes are valued much less than their mortgages. The housing crisis is at the heart of the recession, and the near collapse of the banking sector. The government as a part of the stimulus package, tried to help the housing industry by offering help to first time home buyers.
1. Tax credits
2. Down payments assistance
3. Lower interest rates
In order to speed up the sale of the houses on the market, the government offered $8000 as a tax credit to first time home buyers, who purchased their homes between January 1, 2009 and November 31, 2009. The claim must be made within two years of buying the home. Congress recently extended the program to April 2010, and include current home owners, who have been living in their homes for 5 years and over.
The second option is a down payment assistance program of 10% of the sales price, for example, $10,000 on a $100,000 house. The government also offers you a loan with lower points, which results in lowering the closing costs or a lowering the monthly mortgage. This program is designed to assist individuals with income of up to $75,000, or couples with joint income of up to $150,000.
A final alternative is a tax rebate on the loan’s interest. Persons who own investment properties can avail themselves of the tax rebate. This can be used to upgrade the property’s value and can be claimed as an income tax deduction.
Your real estate agent, and mortgage broker, will guide you through the process, while you search for your dream home.
Sylvia
The housing crisis has virtually brought the housing market to a standstill. Houses are now worth half the price, they were three years ago. Even with the low prices, the recession was so crippling to the economy, that people still would not buy these homes. Prospective home buyers were also in fear that they may lose their jobs, and would not want to commit themselves based on an uncertain future. Banks have frozen lending, and mortgage funding has all but dried up. Thousands of homes went into foreclosure, and many people filed bankruptcy to save their homes. The crisis is so severe, that many real estate
The Banks and mortgage companies have thousand of unpaid mortgages on their books, and many homes that were foreclosed on, in their inventory, that they either have to sell at a loss, or keep the houses until the value is closer to the balances on the mortgage. Even homeowners find themselves in an upside down position. Their homes are valued much less than their mortgages. The housing crisis is at the heart of the recession, and the near collapse of the banking sector. The government as a part of the stimulus package, tried to help the housing industry by offering help to first time home buyers.
1. Tax credits
2. Down payments assistance
3. Lower interest rates
In order to speed up the sale of the houses on the market, the government offered $8000 as a tax credit to first time home buyers, who purchased their homes between January 1, 2009 and November 31, 2009. The claim must be made within two years of buying the home. Congress recently extended the program to April 2010, and include current home owners, who have been living in their homes for 5 years and over.
The second option is a down payment assistance program of 10% of the sales price, for example, $10,000 on a $100,000 house. The government also offers you a loan with lower points, which results in lowering the closing costs or a lowering the monthly mortgage. This program is designed to assist individuals with income of up to $75,000, or couples with joint income of up to $150,000.
A final alternative is a tax rebate on the loan’s interest. Persons who own investment properties can avail themselves of the tax rebate. This can be used to upgrade the property’s value and can be claimed as an income tax deduction.
Your real estate agent, and mortgage broker, will guide you through the process, while you search for your dream home.
Sylvia
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