by Jessie from Atlanta, GA USA
Regarding HomePath Financing, Federal Income Tax Credit, and FHA Home Loans: At the ripe age of 43, I embarked on a journey to improve my job station in the company. These last six years have now seen me in a Chicago short sale.
I lost massively in my final sale during July 2009. Then closing my 3 year home in St Louis in May 2010, I only lost 5 percent. I now have no home to move my family into in returning to my city of original departure.
But I do have a 700 score and about 10 percent down payment available. Are there any good options for me as you see them? Especially with this now being such a great time to buy!
BTW... the career is working out pretty good! Jessie
Kate Answers: HomePath Financing, Federal Income Tax Credit, and FHA Home Loans
***zz-portrait-left.shtml*** Dear Jessie!
Congratulations on your 700 credit score and having a down payment in spite of the doom and gloom in the real estate market.
You are equipped to continue home ownership. Here are some options.
There is special financing available on certain Fannie Mae owned homes. The benefit to buying this kind of home includes low down payment and flexible mortgage terms, fixed rate, adjustable rate, or interest only loans.
A three percent down payment is required so Jessie with the amount you have saved, you would even have room left over to pay for your own closing costs and keep a cushion in your bank account for future needs.
Some borrowers may qualify even if their credit is less than perfect. There are also options for sources of down payment other than personal savings, along with closing cost assistance and appliance incentives.
HomePath financing is available from a variety of lenders, locally and nationally. Check out how to find a lender at Six Steps To Comparing Mortgage Lenders
and of course don't miss our ever-growing local lender directory at List Of Mortgage Companies
Federal Income Tax Credit
Here's another idea for home buyers! Take advantage of the federal income tax credit.
New legislation was approved which extends the credit for homeowners through April 30, 2010 with a 60 day cushion beyond that date to complete closing.
Good news, the program has broadened to include existing homeowners! Here are some highlights:
1 -- $8,000 tax credit for first time home buyers
2 -- $6,500 tax credit for existing home buyers living in their current residence for at least five years and wishing to relocate to a new primary residence
3 -- Increased income limits for both individuals and couples
For more information about this program, speak with a lender, accountant or attorney to learn more about how the Federal Income Tax Credit may apply to you.
FHA Home Loans
Jessie, Do you know FHA home loans
are new and improved!
Don't be discouraged if FHA did not work for you in the past. In the last couple of years, FHA financing has regained its stature as the premier low down payment choice. In fact, FHA is hot.
Whether you are buying your first home or your fifth, FHA could be your answer. So, I have included an abundance of information for you on FHA home loans at the bottom of this page. Check it out!
And congratulations also on your career path!
PS If you still have questions regarding HomePath Financing, the Federal Income Tax Credit or FHA Home Loans, write me at Ask Kate where every question is a good question.
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