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Kevin M. Gettings' Blog

By Kevin M. Gettings | Agent in Pelham, NH
  • Buyers - Did You Know That There Are Home Mortgages Still Available That Offer 100% Financing??

    Posted Under: Home Buying, Financing, Foreclosure  |  November 4, 2011 6:36 AM  |  1,174 views  |  No comments

    I'm finding that more and more of my buyers don't know that there are still mortgages available that offer 100% financing to purchase homes. They are soooo psyched when they learn of them. One very popular program is the USDA Rural Program. I have 2 clients currently buying a home using this program. Certain restrictions apply and the program is available until the funds are depleted. Visit: http://www.rurdev.usda.gov/hsf_sfh.html

    or Contact Me for more info.
  • Attentions Home Buyers - Did You Know That Your $8000 Tax Credit Can Be Used Toward Closing Costs?

    Posted Under: Home Buying in Windham  |  June 11, 2009 12:13 PM  |  1,379 views  |  No comments

    Qualifications for $8,000 tax credit:
    • Must use as a primary residence. The home cannot be used as a vacation home or rental property.
    • Must be a first-time home buyer, which means you cannot have owned a home for the past three years prior to purchase.
    • Cannot purchase a home from a close relative such as your spouse, parent, grandparent, child or grandchild.
    • Must make less than $75,000 for a single taxpayer or less than $150,000, if filing jointly.
    • Must purchase a home (close and receive title) on or after January 1, 2009 and before December 1, 2009.
    About the $8,000 tax credit:
    • Use as downpayment or closing costs -- Initially, the tax credit was designed as a refundable credit on buyers' tax return next year -- either up to $8,000 or 10% -- whichever came first. Now, a new HUD initiative allows qualifying first-time home buyers to receive these funds upfront to be used as a down payment or money towards closing, as announced by U.S. Housing and Urban Development Secretary Shaun Donovan. This has been referred to as a bridge loan.
    • Home buyers must pay the 3.5 percent -- While the $8,000 tax credit can be used for the down payment or closing costs, home buyers must still come up with FHA's required 3.5% down payment on their own.
    • FHA-approved lenders, only -- At this time, only the Federal Housing Administration (FHA) has issued guidance regarding the monetization of the first-time home buyer tax credit. Home buyers using FHA-approved lenders can apply the tax credit to their down payment.
    For more information on the $8000 tax credit, review these Q&A's from the IRS.

    Contact Me and let's go shopping... ;)

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