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Showing posts with the label fha approves tax credit as down payment

First Time Home Buyer: FHA at a glance

First Time Home Buyer: FHA at a glance The following was a general overview of the FHA loan program and a guide to figure out if this is the loan program for you. Availability: Available in all areas. Type of Homes they finance: Most property types. Single Family Properties and Multi-Family Properties will qualify. Site Condos are viewed the same as Attached Condominium Properties and are acceptable if they are approved condominium projects. You can search approved projects here: ******. Manufactured properties are acceptable if they meet individual lender requirements. Modular, Stick-Built, or BOCA-code properties are acceptable. Working Farms, unique properties, and dome-homes will not qualify. Down Payment Required: 3.5%. Can be a gift from family, friend, or employer. Down payment assistance is only available from grant programs. Mortgage Insurance: 1.75% financed into your loan and and .55% is billed monthly. Interest Rates: Vary greatly because of the great variance between lende...

First Time Home Buyer Tax Credit as Down Payment or: Dirty Deeds Done Dirt Cheap

First Time Home Buyer Tax Credit as Down Payment or: Dirty Deeds Done Dirt Cheap I think this is an important discussion to have so I am going to post this blog a few days in a row to make sure it gets out. There is a lot of confusion concerning the First Time Home Buyer Tax Credit especially now that FHA has approved the funds to be used towards down payment and I am looking to simplify things for you like I have been trying to do with all of my blogs. This one, I feel is of great importance because I hate to be the one to you know: burst the bubble, but as I hear folks industry wide rejoice at the possibilities of borrowers being able to use their tax credit as a down payment for their new home I would like at least make a few points to the contrary. 1 . Premature Jubilation: Everyone right now is scrambling to get the info to you that you can now use your tax credit as a down payment for an FHA loan. The thing they don’t realize is that until lenders roll out a program which allows...