Upfront Cost Help for Home Buyers

There are many homebuyers who qualify for the $8,000 federal tax credit.  However, they just don’t have the money that’s required for a down payment or closing fees.  But now, they may be able to get help through a loan to cover the fees of the upfront costs that accompany buying a home.

Recently, HUD announced that the FHA will begin allowing state housing finance agencies to give second mortgages so borrowers can use those funds toward their down payment and closing costs to purchase a home with an FHA-insured mortgage loan.

This will be of great benefit to thousands of families who want to get in on today’s low interest rates, federal tax credits, abundant home selection and competitive prices.  Home buyers that decide to go directly to an FHA-approved lender will need to have the required 3.5% down payment for any FHA-insured loan.

Before this wonderful benefit, home buyers would have to come up with the upfront costs and wait on their federal tax returns to get the tax credit.  And the good news of this benefit is that there will be over 40,000 homes purchased this year because of the FHA monetization program.  The federal tax credit has already done wonders by selling over 160,000 homes to first-time home buyers.

For more information on how to get your $8,000 first-time home buyer tax credit visit .

We hope this information helps home buyers get the loan they need to help them buy the home of their dreams without having to come out of pocket with so much money upfront.

Realtors  ~  Jackson Mississippi Real Estate

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