mpingel00
Joined: 06 May 2010
Posts: 1
Location: Virginia
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| Posted: Thu May 06, 2010 2:27 pm Post subject: First Time Home Buyer's Down Payment |
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Hello all. I just wanted to let you know about a program that I am using through our lender. If you missed the deadline of the $8000 tax credit, you can still get $7500 towards either your down payment, closing costs, or just the loan amount. You just have to have $1500 for the down payment, and this particular company will grant you $7500.
For example, my purchase price is $130,000. FHA requires a down payment of $4,550. We are only putting down $1500, and the $7500 is covering the rest of the down payment and then some. This is a great way to help first time home buyers get into homes! The only thing I know about restrictions is there are some type of income restrictions. I am Virginia, but the material my mortgage advisor has says that this is available in VA, NC, SC, WV, GA, MD, DE, PA, and District of Columbia.
His name is David Serrano @ 757-573-5943. My understanding is that there is a certain amount of funds they have for this program, and once is runs out, they won't issue anymore grants. I am definitely early enough so I'm still getting the $7500, but if this helps you out in anyway, David is guessing the funds might last until around August (no guarantee though). I hope this help some of you who wanted the $8000 tax credit but missed it.
Thanks,
Mike |
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