I'm interested in buying a house for the first time and will apply for the 8,000 tax credit. Will I still need to put money down for down?

Asked by Adriane Moore, Los Angeles, CA Wed Apr 7, 2010


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Dallas Texas, Agent, Dallas, TN
Thu Apr 8, 2010
The standard rule for a home loan is the following:

1. 2 year employment
2. 3.5% down payment UNLESS you are a veteran
3. Debt / income ratio in balance.

Contact a lender review your financial files determine if you can qualify for a home loan

Keep in mind you have to have additional money for
1. Option fees
2. Appraisal
3. Inspection
4. Earnest

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Web Reference:  http://www.lynn911.com
1 vote
Tamika Goree, Agent, Arlingon, TX
Fri Apr 9, 2010
Hi Adriane,

If you go through FHA, than yes you will need to put a minimum of 3.5% of the sales price. The USDA loan requires no down pymt but it is only in rural cities. Another option would be assistance w/ your down pymt. The City of Dallas offers a program where they will assist homebuyers w/ down pymt and/or closing costs. Qualifications are based on income and debt-to-income ratios.

Please feel free to call or email me if you need any assistance.

Make it a Blessed Day!

Tamika Turner, New Homes Specialist
Hendrickson Realty Group
Cell: (972) 697-1178
Fax: (682) 222-1049
Email: Info@NewHomesInDFW.net
0 votes
Joan Coubaro…, Agent, Arlington, TX
Thu Apr 8, 2010
Time is running out! You will need to be under contract by April 30, 2010, to apply for the 8,000 tax credit. It would be a pleasure to help you. Contact me:

Joan Coubarous
Keller Williams Realty
0 votes
Tommy Burris, Mortgage Broker Or Lender, Baton Rouge, LA
Thu Apr 8, 2010
The tax credit cannot be applied towards the down payment. And you cannot apply for it until AFTER you close your loan.
0 votes
Helen Karuba, Agent, Dallas, TX
Thu Apr 8, 2010
You will need to be under contract by April 30 to take advantage of the tax credit. It's awesome, you will never again in your life time see interest rates like this...especially with an $8,000 credit attached! Your down payment for FHA will be 3.5%. You can have the seller contribute up to 6% of the closing costs and pre-paids.
0 votes
Landon Burke, Agent, Dallas, TX
Thu Apr 8, 2010
There are certain areas in North Dallas that are zoned for Zero Down loans. Call me anytime and we can discuss.
0 votes
Lisa Ann Jon…, Agent, Plano, TX
Thu Apr 8, 2010
Great Question! It will depend on what type of financing you are planning to use. If you go FHA, you will need 3.5% down. You can pay your own closing costs or ask the seller to pay a percentage of you closing costs and work that into you deal. If you go conventional, you will need a minimum of 5% down. Your closing costs can vary slightly depending on the mortgage company you choose. I suggest shopping your mortgage for the best rates and fees and be sure to ask questions. This is the biggest purchase you will make, so make sure you are getting a fair deal. Compare fees. I was a mortgage loan officer prior to becoming a realtor and choosing a good loan officer and mortgage company are key to a smooth transaction. If you have any questions or I can help you in any way feel free to contact me at lisajonessells@yahoo.com or 214-909-6680.
Good Luck and Happy House Hunting!!
0 votes
Patricia McC…, Agent, Dallas, TX
Thu Apr 8, 2010
Yes to some degree. First get a realtor to work with and they can help you with the process. You have until april 30 to get a contract and till June to close. There are programs with the state of texas that can help you as well.

http://www.myfirsttexashome.com start there. also... try this person Sandy Haley 2146165556 she is a senior loan officer and she can help you with a mortgage, MCC and the like.

I can also help you if you desire. Just email me or look me up. I enjoy working with first time buyers and will do my best to help you with the process.
0 votes
RJ Avery, Agent, Forney, TX
Wed Apr 7, 2010
As of right now you will at the minimum have to bring 3.5% to qualify for an FHA program. There are a few 100% financing or 0 down options but they are mainly in rural areas. An option many of my buyers have used is having a relative or friend gift funds to them and them pay them back when they get the tax rebate. Please do not hesitate to call me directly tomorrow and I can discuss all the ins and outs with you personally and get you in touch with a lender to take a look at your situation. If you are serious about getting the full tax credit you would need to be under contract by April 30th so you need to move fast. I would be happy to be showing you homes as early as tomorrow afternoon. I am a full time Realtor and offer great buyer representation services. As a bonus not only are my services free to you but i also rebate you 20% of my commission.

Thanks for your time
0 votes
Michael Russ…, , 75006
Wed Apr 7, 2010
Ask your lender what your down payment will be and the steps to apply for the $8k. Your down payment could vary widely and is based on the loan program your lender is using for you. Feel free to call or email me with additional questions. No fee buyers representation, and I've been helping people with purchasing real estate since 2003. Best of luck, Adriane.
0 votes
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