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Wes, Other/Just Looking in Louisville, KY

Under what conditions can the 8,000 stimulus be used as down payment on the purchase

Asked by Wes, Louisville, KY Wed Jul 15, 2009

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I know of no lender that currently offers this program. Sorry .
0 votes Thank Flag Link Thu May 9, 2013
This program is called the 90 Day Down Paymnet Program. Buyers take a 2nd lien and have 90 days interst free to repay, otherwise they are set on a 10% interest 2 year term to pay this back. The 90 day down payment amount is set at 5% of Loan amount (including MI) and can be used for Down PAyment and the remaining amount for CC/PP.
Hope this helps.
Web Reference: http://www.Allied4u.com
0 votes Thank Flag Link Mon Aug 31, 2009
Wes,
if you are using an FHA loan for the purchase, then the $8,000 can be used for the 31/2 % down payment that is required by FHA. This can only be done in 10 states (Kentucky being one of the 10). However, in my area (Owensboro), there are no lenders currently having the program in place to accomodate this procedure. The catch is--the lender has to make a short-term loan to the buyer, until the stimulus funds are received by the buyer. I haven't been able to find a lender who is actually doing it. Let me know if you find one!
Thanks,
John Burns
0 votes Thank Flag Link Wed Jul 15, 2009
You can now use the tax credit upfront tp pay for clsoing costs and downpayments. The loan has to be FHA which is ok for most areas other than some North East areas where the prices of houses still outpace the fha loan limit. A good mortgage broker would have a program for this. Good Luck
0 votes Thank Flag Link Wed Jul 15, 2009
You can go here to read the various scenarios...

Let me know if you have any questions!

http://www.joehaydenrealtor.com/home-buyers/first-time-home-…
0 votes Thank Flag Link Wed Jul 15, 2009
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