Housing bill rescue <span title="question............Help!?">question............Help!...</span>

Question

I have read that first time home buyers will qualify for a $7500 credit to buy a house if they under a threshold for annual income, which we qualify for.

However, I have heard rumors that under this new bill that buyers will have to make at least a 3% down payment to get the money and they must pay for closing costs. Is this a myth or true?

Can you get a no down payment loan and still qualify for a house?

Answer 1

You are able to get down payment assistance of the 3% which comes from the seller. With this FHA program, you also can ask for up to 6% of the purchase price to cover closing costs, which come from the seller.

Answer 2

No, you still need the down payment.    The loans will not be 100%.    You can still share closing costs with the seller.

Your credit rating has to qualify as well.

Answer 3

I don&#039;t know what version actually passed through the House and Senate, but for a while they were talking about making this a credit that had to be re-paid over 15 years.

You would get the $7500 tax credit this year and have to pay it back $500 per year over the next 15 years.  If you sold the house, the credit would all be due in that tax year.  

I hope this version didn&#039;t pass, but be careful about it!!

There are no zero down loans left.  The lowest downpayment loan out there is the FHA loan which requires a 3% downpayment.  I don&#039;t believe the tax credit stipulates who pays for closing costs.  Some FHA loans allow the seller to give you the 3% downpayment (but the property has to appraise at the higher value).  

good luck!

Answer 4

The only 100% loans available are VA loans &amp; RD loans &amp; both require you to qualify credit/income etc.  Most people who can&#039;t come up with 3% down are not ready to buy a home.

Answer 5

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