Home Buying Has Never Been More Rewarding

Cincinnati- For those in the market to buy a home in the next few months there are several new programs that make buying very attractive. The Department of Housing and Urban Development has a new program in selected states that allows homebuyers to purchase HUD owned properties for as little as $100 down. It also allows the buyer to receive up to $2500 towards repairs and closing costs. In addition to this exciting HUD program, President Bush just signed a bill that would give first time homeowners a tax credit up to $7500 to help the less-than-robust housing markets.
With the abundance of foreclosed houses on the market, HUD and other lenders are doing what they can to sell these homes to qualified homebuyers. HUD is providing homebuyers a terrific program that enables them to purchase these homes as their primary residence for as little as $100 down. The buyer can also receive up to $2500 back at closing. If you are doing the math HUD is paying you $2400 to take these properties off their hands.
When a house goes through the foreclosure process, and no one buys the house on the court house steps, the lender that owned the mortgage will take the house back and place it in their inventory to sell again in the secondary market. If the foreclosed house is secured with an FHA loan, the federal government has insured the lender from loss and will purchase that property from the lender or investor. This house then becomes part of HUD’s inventory. To qualify for this program, the buyer must purchase a house from their existing inventory.
As a buyer, you will need to qualify for an FHA loan. Most lenders will require you to have a minimum credit score of 580 and you will need to have a clean credit history over the last 12 months. FHA also requires the buyer not to exceed their debt to income ratios. These ratios can be verified by talking to a qualified mortgage broker or a Realtor® who is familiar with the program.
If the buyer is a first time homeowner or has not owned a home in the last three years, the new tax bill, signed into law last week, would enable the buyers to receive up to a $7500 credit if they purchase a home before June 30th 2009. This program does have income limitations and the tax credit will act as an interest free loan that can be paid off over the next 15 years.
It has never been a better time for first time homebuyers to purchase a home. Although interest rates are a little higher than the record lows, they are still very attractive. With these new incentives, it may be time to realize the American Dream.

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