Are you a first time home buyer looking to take advantage of the low mortgage interest rates and the huge inventory of foreclosed homes on the market - especially if you live in California, Arizona, Texas, Florida, and Nevada?
If so, there a few home buyer programs and mortgage products that can help you buy your first home like the FNMA HomePath Mortgage and the $8,000 IRS Tax Credit for first time home buyers.
First Time Home Buyer and $8000 Home Buying Tax Credit
If you haven't owned a home in the past three years then you will be considered a first time home buyer. If this is you, then you may qualify for the IRS 8000 housing tax credit. That's right - the IRS will give you a direct tax credit for up to $8,000 on your next tax return following the year that you purchase a home as a first time home buyer.
How Does The Home Buying Tax Credit Help You? Simple, couple it with the Fannie Mae HomePath Mortgage to buy a Fannie Mae Foreclosed Home or a Repossessed HUD Home.
HomePath Mortgage Financing From Fannie Mae
If you find a foreclosed home that you want to purchase and it is a home that is owned by Fannie Mae or Freddie Mac then you may be able to qualify to get your mortgage through the Fannie Mae HomePath Financing Program.
One of the features of this program is that it allows you to buy a Fannie Mae owned foreclosed home with having only a 3% down payment. Even better is that you can get this money in the form of a gift from a relative or even in the form of a loan from someone.
The perfect home buying strategy is to line up a gift or a loan from a relative or an employer or even a non profit agency for your down payment. Then, if you get a loan for your downpayment, you can use your $8,000 tax credit to pay back your loan when you get your tax return.
Tips to Get Started With Using The HomePath Mortgage Program
You must use a Fannie Mae approved mortgage lender to get apply for your HomePath Mortgage. To speak with a qualified and approved Fannie Mae HomePath Lender, please complete the form below.
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