State Bond money available for down-payment assistance: State bond money is available through qualified Lenders. Through this bond program, a buyer can qualify for the full 3.5% down payment required by FHA and some possible closing costs. Applications for this bond money must be received no later than August 14, 2009 and the purchased property must close by September 17, 2009. Not all Lenders are able to access this bond money, and it is a capped amount — so, first come, first serve. As with typical bond funding, there are stipulations regarding the length of time you must stay in the home to avoid any repayment. To qualify for this state bond money, the applicant must have a credit score of at least 620, with no exceptions. Please call Alta Dalton of DMG-Tulsa, LLC for more information. Phone: 918-282-0145; Web: www.dmglendingok.com; E-mail: email@example.com. Fill out a quick application online for fastest service.
2009 Stimulus Package: A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. The credit is 10% of the sales price of your home, not to exceed $8,000. The credit CAN be received in 2009. After closing, the Buyer simply files an amendment to their 2008 tax return. Much more detail can be found: http://www.loricain.com/main/2009stimulus.php.
Closing Costs: Depending on the price of the home and the buyer’s credit, the Buyer should expect another $3,000+ in closing costs. It is not unusual to ask the Seller to pay these closing costs and can be written into the offer. Costs that must be paid up-front by the Buyer include (1) earnest money (typically 1% of sales price) and (2) appraisal (typically $350). It is preferred that inspections (typically $500) are paid up-front, but many inspectors will allow that cost to be paid at closing.
Once you know how much home you can afford, give me a call and we’ll begin your home search. Contact me through my web site: www.LoriCain.com or at Chinowth & Cohen Realtors!