Down Payment Assistance Programs
Down Payment Assistance Programs may be a thing of the past as of October 2008. It may seem to be the end for those clients without the assets needed to enter this market, but there may be a solution. A first time homebuyer program may become available as a replacement. A second lien would be allowed which can provide up to $10,000 in assistance. There will be strict qualifying criteria such as mandatory homebuyer counseling, income and asset limitations, as well as puchase price limits. So all you worrying about losing those DPA programs…hang in there. It looks like we may be able to still offer 0 down financing.
July 27th, 2008 at 11:33 pm
Well thats a relief. I was really worried about losing the Nehemiah program!
August 2nd, 2008 at 2:46 am
Here’s some more infomation on the tax credit
First-Time Home Buyer Tax Credit at a Glance
The tax credit is available for first-time home buyers only.
The maximum credit amount is $7,500.
The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit