* Can be used to pay all closing costs, Prepaid expenses and ½ of required down payment.
* Borrower must have $1,000 of their own cash into the purchase.
* Additional Affordability Assistance up tp $20,000.
* Fully forgivable after 5 years/10 years for amounts above 14,999.
* Combine with FHA 203k and get up to $35,000 for improvements.
* If you are a First-Time Homebuyer (if you have not owned a home in the past 3 years) you may be eligible for $8000 Homebuyer Tax credit - expires Dec 1 2009.
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