Requirements: Income must be less than $75k for single and $150k for married couples. First time home buyers only. Must be your primary residence. If the house is sold, immediate payment of the balance is required.

Benefits: Tax free interest loan of $7,500

Terms: 0% interest, 15 years payment plan at $500 a yr. $42 dollars a month.

Tips: I recommend you change your withholding by filing a Form W4 with your employer to have a higher take home pay.

Explanations:

First Time Home Buyer –
A buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the ownership history of both the home buyer and thier spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

http://www.federalhousingtaxcredit.com/

http://www.trymydeals.com/story/7500—federal-housing-tax-credit-for-first-time-home-buyers-program—interest-free-loan/

You should be able to find these programs at your city or county Housing Department. They can tell you about any possible programs available to you. They might have a list of approved lenders or mortgage brokers that you might have to use to utilize these First Time Home Buyers Programs.

There might be some qualifying, but then you will also be able to get that information from whomever you talk to at the Housing Department.

The rates are normally published in your local paper on a daily basis. Just remember the rates published are normally for those individuals with top credit score.

You should contact a mortgage broker to determine any all mortgage loan programs you are qualified for, based on your credit scores.

I hope this has been of some use to you, good luck.

“FIGHT ON “