You can probably qualify for a high leverage mortgage like an FHA loan. But, your main challenge will be in winning a home and still be able to cover any appraisal differences or get lucky that you don't have to bid that high.... more
Do not feel bab about missing the tax credit, with interest rates below 4% you are much farther ahead than the receiving 8k credit. IE a $500 principal and interest payment when the credit was available would get you a $79,105 principal amount, at today's 4% rate the same $500 gets you $104,730. So you can see you now have $25,625 more purchasing power.
There are many different 1st time buyer programs and I can put you in touch with the experts.... more
Only professional render an opinion is a mortgage broker who will review your loan application and financial statements and etc
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
I work with an Austrailian Investor with whom I manage their properties as well as help them find and purchase their investment properties. He currently uses an international bank HSBC to finance his properties. It's convenient since I can then deposit the remainder of the rents collected into his account easily as we have many HSBC's in the area.
If you would like more information or a reference to a particular mortgage banker that I recommend ... please don't hesitate to contact me at PropertyManagement@MikeWalkerHomes.com... more
I think that the credit is to be only applied to a single family home, condo, or townhouse. I will be learning much more about the situation tomorrow, as I am attending a meeting on the subject. I will attach a quote from an email I recieved about the matter. This quote shows the criteria that must be met to recieve the credit.
"FIRST-TIME HOMEBUYER TAX CREDIT
1. To qualify, purchaser (and purchaser’s spouse) may not have owned a principal residence in the three years previous to purchase.
2. Maximum credit amount increased to $8,000 (or 10% of cost of home, whichever is less).
3. No repayment requirement – unless home is sold within three years, then credit recaptured on sale.
4. Eligible dates are January 1, 2009 – November 30, 2009 (program expires December 1, 2009).
5. Must be primary residence – can be single family, condo, co-op, townhouse.
6. Income limitations – full credit available with adjusted gross income of no more than $75,000 (individual)/$150,000 (joint); phase-out above those caps.
7. Can be claimed on:
2008 Tax Return;
An amended 2008 Tax Return; OR,
2009 Tax Return.
This is what I know at the moment. As I said I will know a bit more tomorrow. If you would like feel free to give me a call or email me and I will help you figure it all out and get you into a home that works for you.
Talk to you soon,
LSP for Nothnagle Realtors