If you're a first time homebuyer, you can get 10% of the sale price (up to $8k) back when you file or amend your tax return. This money doesn't have to be repaid and if you've already filed you can file an amended return to get the cash quicker. You can't have owned a house within the past 3 years (and I believe there are some exceptions in divorce situations) to get the money. You can't get the money in advance so you'll still need at least 3.5% of the purchase price to get a mortgage.
Hope this helps.
Alma Rose Kee, P.A.
Charles Rutenberg Realty, Inc.
what are you thoughts and ideas behing wanting to add credit card debt into a home purchase? what price range are you looking at?
you need 3-4 open active ontime tradelines (creditors - good paying accounts) over the last 12 months. They can be non-traditional trades like cancelled rent checks, car insurance, cell phone payments, utilitiy bills etc, to qualify for FHA. they also keep hiking their minimum credit score requirements...... Lower scores (minimum 500) are required to have a manual underwrite.