Posts Tagged ‘fha mortgage’

Did you know you can buy a home with just $100 down payment, even in today’s changed market? It is true. If you qualify for the loan, HUD allows some of the homes that they have foreclosed to be purchase with an FHA loan with only a $100 down payment. You will need to determine if the specific property is eligible for this program. This is a great way for a first time home buyer to get into a home with very little down and take advantage of the $8,000 first time home buyer tax credit too. Until recently we didn’t have any HUD foreclosures in Lane County. Here is a list of the current Lane County foreclosures, according to the HUD website: Read More

Finally, in our series about buying a foreclosure using the FHA 203k Streamline Rehab loan I want to discuss selecting a contractor. If you have followed my instructions, you are now pre-approved for an FHA 203k Streamline mortgage for a specific price range and you have met and developed a rapport with the Realtor® that is going to make sure you get the proper guidance and support you need. This next step is also very important, selecting the contractor or contractors for your rehab process. This is a very important aspect of your Oregon FHA 203K loan. There are things that you need to look for in the right FHA 203K contractor as they can mean the difference in a successful or unsuccessful FHA 203K renovation. Read More

I guess I can’t talk about the first time home buyer $7,500 tax credit too many times. People are very interested in this program. However, there are some major changes in talks that are included in both the House and Senate version of the Stimulus Bill. First of all, let me stress that there currently are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk extending this window as part of the Stimulus Bill, but nothing has happened yet. There is also talk of expanding the credit to $15,000.

Next, the credit is currently only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. This also might change. Read More