Sheila D. Jones

The fee for participating in the program is less than $600. Is that too much to pay to have a qualified buyer to purchase the home? Maybe the agent isn't familiar with the program and how it works. Some agents have allowed sellers to give away more money than that to sell a home. - Sun Aug 3 2008, 12:49

Hello Tammy,
I am of the opinion - if you are offering any incentive - offer it to the purchaser. They are fewer are farther between these days and they are looking for the sweetest deal they can get. Along with a deal - they are not willing to compromise on their home choice. If it isn't in mint condition, location ideal, favorable terms they will wait until the right property comes along. If you have covered all these bases - then the next thing to do is sweeten the pot. - Fri Jul 18 2008, 11:35

Hello Home Buyer in Nassau,
If you take the 140K you make per year - break down to monthly - that is $11,600 per month. FHA will allow 41% of your monthly income to go toward housing and monthly debt. That figure is $4756. From the $4756 subtract all revolving/interest debt. What is left is what is allowed for housing. Let's say since you are conservative you have $1500 monthly in revolving/credit debt - that leaves $3256 for housing. Not sure what the tax base or insurance base is for your area - worst case lets say property taxes are 3 t% of the sales price - 4200 yearly and insurance is 1500 yearly - 5700 yearly divided by 12 = 475 monthly - subtracted from the $3256 - 2781 for PI = $463K for house - based on 6% interest rate for 30 years.
If you can take this example and plug in the correct numbers - you will get an idea of qualification.
Now has never been a better time to buy. Check with you accountant about how much more money this will put into your pocket every year. Hope this helps. - Fri Jun 13 2008, 09:47