Profile picture for user46654355

First Time Home Buyer Questions

Me and my fiancé are planning on buying a home this year, possibly in the next couple months.

I am the only one working, and make around 60k. I plan on buying a home in the range of 200 - 225k. I have 20% to put down.

My questions are the following. Would anyone not recommend applying for the MCC tax credit? The cost for applying seems steep, but the tax benefit looks very beneficial.
 
Also, I want to take advantage of everything benefit I can. Kyhousing has a down payment program called Neighborhood Down payment Assistance Program. It is a secondary mortgage, up to 10k, paying back at 1% for 30 years (10k taken away from the primary mortgage at 4% would save money by paying it back at 1%). Although I have a good down payment saved, I meet all the requirements listed on http://www.kyhousing.org/page.aspx?id=297.

I feel a little odd asking a mortgage professional about this program, as I do have a down payment saved up. Has anyone had any experience with one of these programs / had people apply for them who have a down payment saved up?

Thanks,

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 04 2013 - Somerset
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Talk to a lender and see what programs you qualify for.  Also, talk to an experienced agent who can even help you with foreclosures.

In many states, HUD offers a FHA mortgage with a $100 down payment instead of 3.5% and you don't have to pay for the appraisal.

Find an agent and ask them honest, direct questions and if they can't answer them then move-on to someone who is eager to work for you and responsive.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 04 2013
I would recommend that you contact someone at KYHousing who is knowledgeable about the down payment assistance program they are advertising and have them pre-qualify you for this loan over the phone. Then, I would contact a few other professional mortgage loan originators, listed here on Zillow perhaps, and see what other loan programs they would recommend. Then you will have something certain to compare. Once you have the facts about the different loan options available then you can compare apples to apples. Please note that some payment assistance programs also require that you share or split the equity in your home with the down payment assistance lender when you sell your home. You will want to discuss your important income tax questions with your CPA. Good Luck!!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 04 2013
 
Related Questions
First Time Home Buyer Questions
Profile picture for Tyler Tapley
Latest answer by Tyler Tapley
July 04 2013 | 2 answers
  • Asked by user46654355
  • In Mortgage
  • July 04 2013
Do I qualify for an FHA loan?
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 209 Clifty St, Somerset, KY Home For Sale
    209 Clifty St, Somerset, KY 42501

     For Sale: $95,000

    • Beds: 3
    • Sqft: 850
    • Baths: 2.0
    • Lot: 10890
  2. Somerset Farm, Somerset, KY Home For Sale
    Somerset Farm, Somerset, KY 42501

     For Sale: $399,900

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 665596
  3. 70 Lake Walk Dr, Somerset, KY Home For Sale
    70 Lake Walk Dr, Somerset, KY 42503

     For Sale: $47,000

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: 39204
 
 
 
Sign in with Google