Info I would like to pass on which I have learned about FHA Loan's ZERO Down & $7,500 Tax Credit.
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Until October 1st 2008 you can combine FHA Down Payment Assistance along with a $7,500 Tax Credit for any of your Buyers that have not owned a home in the Past 3 Years. FHA Down Payment Assistance will go away after October 1, 2008. Your Buyers will NEVER have an opportunity like this ever again, to buy a home for ZERO Down and ZERO Out of Pocket along with a $7,500 Credit from the Government.
Buyers you may qualify to purchase a home loan up to $271,000 with the contract structured for the Buyer to pay No Money Down & No Money Out of Pocket. We have FHA Investors that will work with Buyer with No Minimum Score if the following conditions can be met:
1. Buyer must be able to verify Income and Job History
2. The Buyers can have collections and charge-offs, if the actual date of occurance is over One Year old (preferrably Two Years)
3. Buyer must be able to verify good Rental History for atleast 12 months
4. The Buyer must have atleast 3 Trade-Lines that have a good pay history for the last 12 months, minimum. Alternate credit or trade-lines can be used.
5. Down Payment Assistance Programs are accepted and can be used.
6. No Reserves are required, but as always, they are helpful
You may have heard about the tax credit for first time home buyers which will be eligible from 4-9-2008 to 6-30-2009. This is really great news. This is not a tax deduction. It is a credit. Up to $7,500.00!! Basically this is a loan accruing at 0% interest which will be paid back by the buyers over the next 15 years. If the property sells, you pay whatever is remaining unless your equity is less than what is owed or you meet your maker. Who is eligible?
First time homebuyers (those who have not owned a home or real estate within the last 3 years) if single and make under $75,000 and if married make under $150,000.00 will qualify for the max credit.
- There is a tiered qualification for the credit as well where there is a benefit for first time homebuyers up to $95,000.00 if single and $175,000.00 if married. How can the credit be allocated?? Up for interpretation as this is so new.
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