Tax Return & Loan Options= Homeowner?

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Its tax season and you may be expecting a refund.

You could use your refund to help pay down debt or you could use your refund to help with with closing costs on a home. Either way you are working towards your financial future. See my blog "Under 34? The key to your retirement riches."

If you are thinking of buying a home there are a lot of loan options to help first time buyers and others get into a home. 

One program is called the VHDA plus second mortgage program. This program is worth considering and here is why.

1. You can get up to 5% of assistance in a repayable second lien spread over a 30 year fixed rate.  So if you needed 12000.00 in assistance you payment on the second mortgage would be about $40.00 a month.  This can be used towards your closing costs or down payment.

2.  You can borrow up to 1.5% more than the sales price. 

3. There are 0% down payment options

4. Can be paired with the Mortgage Credit Certificate Program. This is a great program not only does it allow you to use the interest you are paying as a tax incentive to low your tax liability. You can also get a tax credit which allows you to lower you taxable income. I have more information on this. 

Do you Qualify

Here are some requirements 

Must be living in VA

Must be a first time buyer or repeat buyer purchasing in a federal targeted areas

Must be used with Fannie Mae mortgage (No mortgage insurance & Reduced mortgage insurance) and FHA mortgage

1% minimum buyer contribution required. This is where your tax return could help you.

FICO score minimum and income and sales price limits apply.

Checkout the market insider page to get information about specific zip code to include crime rates, schools, number of homes for sale and much more.

Then click on the search button and see all the homes you want without constant phone calls a nd emails from different agents. You might find the information is more up to date than on the big sites.

If you would like more information click the contact me button or and ask me a question or tell me your current rent and we can go from there even if you are unsure when you want to buy a home.   There is no cost for the consultation, you have freedom to shop and ask questions without thousands of phone calls and let me explain how I work for you and the seller pays me. 

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