5 Government Programs You Need to Know About.
 1) Good Neighbor Next Door This program is for law enforcement officers, teachers, firefighters and paramedics. You can get up to 50% off the bidding price for the home but it is going to take some homework and some luck. The home must be a HUD home and it must be in one of the revitalization areas. You can go to this website to view the HUD homes available for bid and then go to the HUD website to see if it is in one of the revitalization areas. Contact me for more information on this program.
2) FHA The classic that is as popular as ever. Basically, it is a government insured loan that offers a low down payment and an excellent interest rate. It will require a good job history, a decent FICO score, and manageable debt-to-income ratios. Right now, you can get a FHA loan for only 3% down in most cases. Most conventional loans are requiring 10% down so you can see why FHA is so attractive. At least 50% of the loans I am seeing these days are FHA loans.
3) $8,000 Tax Credit Part of the new massive stimulus plan. Minimum qualifications for this program: 1) You must be a first time home buyer 2) Income needs to be less than $75,000 for the individual and $150,000 for married couples, and 3) You have to purchase between Jan 1st 09' and Nov 30th 09'. There are other qualification as well so check with your tax advisor. The tax form can be downloaded here.
The great thing about this tax credit is it's refundable. So if you were normally expecting a $1000 refund and were eligible for this tax credit, you would get a $9000 refund! This refund, low home prices, and low interest rates make 2009 a great opportunity for first time homebuyers.
4) $6,000 Down Payment Assistance for New Homes This is a Utah only program. Minimum qualifications for this program: 1) You do not need to be a first time homebuyer 2) Income needs to be less than $75,000 for the individual and $150,000 for married couples, and 3) Only applies to 30 yr fixed loans. There is $10 million available for this program and it is on a first-come-first-serve basis. Roughly 1600 homebuyers will benefit from this program.
5) Obama's Loan Modification Program. If you are having difficulty making mortgage payments and can prove that you are experiencing hardship, then you may qualify for this program. This program offers incentives to lenders to modify the loans so borrowers only need to pay 31% of their monthly income. The details of this plan are still being hashed out. There have been reports of scammers in the loan modification business so make sure you talk with a HUD approved loan modification counselor. This is the first step to determining if you qualify for this program.
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All data taken from the WFRMLS. Information not guaranteed. All rights reserved Mark Alder ©, a Salt Lake City REO Real Estate Agent cell (801) 979 6275
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