If you are looking for information on GRANTS to help you with Down Payment and the MORTGAGE Tax Credits that are STILL AVAILABLE to First Time Home Buyers –>> Look at this information . We are keeping the information below on the site for historical reference for those who USED the 2010 Mortgage tax credit because there are some recapture issues they may face when they go to sell their house.
The $8000 First Time Home Buyer Tax Credit in 2010 expires at the end of this week, and people are really working hard to try and get in under the wire!
Tons of the people we are talking to do not have the money for a downpayment – and they are having trouble getting a Seller to accept a contract for USDA Home Loan… because the USDA Single Family Rural Development Home Loan Program is running out of money.
So what can you do if you don’t have a pile of money laying around for a down payment?
You can get a gift! You can file for the Tax Refund this year, even if you have already filed your taxes! Get a gift from a Family Member! Rob your 401K and pay it back! Don’t let this opportunity pass!
Be careful not all purchases will qualify for the 2010 $8000 TAX Credit!
Here are some items to remember when you are trying to qualify for the credit:
- The home may not be acquired from a mother, father, spouse, or child
- The home may not be acquired from an entity in which you’re a majority owner
- The home may not be acquired by gift or inheritance
- The home’s primary buyer must be at least 18 years of age
- The home’s purchase price may not exceed $800,000
- The home must be meant for use as a primary residence
Remember – you must live in the property as your primary residence for at least THREE YEARS or you will owe Uncle Sam the refund. If you have other detailed questions about the CREDIT – look at the IRS Website.
We are still taking applications for folks who are writing contracts for USDA Home Loans. There’s still some money available – but it is going fast. If the seller will not accept a contract with USDA financing – consider FHA! It’s a 3.5 down payment – and it CAN be a GIFT!
For answers to your questions about qualifying for a mortgage loan, contact Steve and Eleanor Thorne 919-649-5058. We have the best rates available and we lend all across North Carolina, Virginia, South Carolina, Georgia, Florida and Maryland.