ATTENTION: First Time Buyers…Opportunity is Knocking!
In the history of our great nation, has there ever been a better time to be a first time homebuyer? The market is down, rates are low, and incentives abound.
LET US COUNT THE WAYS:
FHA: The Federal Housing Administration offers 30 year fixed rate mortgages with only 3.5% down. The seller can credit up to 6% toward the buyers closing costs. (No first time home buyer requirement)
Federal Housing Tax Credit: A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence before December 1, 2009. Visit www.federalhousingtaxcredit.com. Amend your 2008 return and you could have your $8,000 within 10 weeks.
Tax Credit Advance Loan: If you don’t have 3.5% down, The Missouri Housing Development Commission (www.mhdc.com) will loan the down payment, which would be repaid when the tax credit is received.
Neighborhood Stabilization Program: The Missouri Housing Development Commission (www.mhdc.com) has developed a program to help move foreclosed properties. MHDC will provide $14,999 to be used for down payment and closing costs. This is a 5 year forgivable 2nd mortgage.
Now is the time to take advantage of the market. If you have any questions or comments about this article, please contact Matt Eversgerd at 314-620-7227 or matt@firstintegrity.com.