Zillow Advice: Home Buying - Are there any reputable down payment programs/loans still available?

Yeah, 9% is outrageous, but ...

Wed, 18 Mar 2009 18:25:00 GMT

Yeah, 9% is outrageous, but if you pay it off after you get your 8K, you just have the main loan.

To my knowledge the $8,000 ...

Wed, 18 Mar 2009 17:55:00 GMT

To my knowledge the $8,000 tax credit(not paid back) can only be taken once the property has been purchased. So you would already have paid your down and closing costs before receiving the deduction. There was a $7,500 tax credit(that has to be paid back) from April 1, 2008 through December 31, 2008 that is to be taken on 2008 returns. For more information contact an IRS agent, CPA, or http://www.federalhousingtaxcredit.com/2009/home2.html.

nvchaz,I was told that you ...

Wed, 18 Mar 2009 17:40:00 GMT

nvchaz,

I was told that you have to piggy back the 9% loan on the first mortgage loan, which is currently 7.25%. Maybe I was misinformed, but that is a much higher rate than what is out there and could add up to hudreds extra on the mortgage payment each month. My opinion is it would not be worth getting the $8000 extra if you're going to be paying triple or quadruple that in interest over the years on the first loan.

Here in Nevada we have a ...

Wed, 18 Mar 2009 06:39:00 GMT

Here in Nevada we have a 9% 20 year loan up to $10K program to stack onto your loan. When you get your $8K, pay off the loan and if you have bought a modest house and you might even have a few coins left to rub together. In Nevada we have asset limitations of $5K.

So I called the IRS to get ...

Wed, 18 Mar 2009 06:31:00 GMT

So I called the IRS to get the info on this. I was told by an agent that you cannot take the credit because on the form to get the credit, you have to list the address and the date you moved in. I don't know how far they will go to verify the info, but they are the Internal Revenue Service. Thought this would help others with this question.

Also, isn't the Nevada bond ...

Tue, 17 Mar 2009 04:23:00 GMT

Also, isn't the Nevada bond rates higher than most other interest rates?

Regarding the $8000 first ...

Tue, 17 Mar 2009 04:20:00 GMT

Regarding the $8000 first time home buyers credit, how come it cannot be claimed on 2008 taxes? I was reading on line, including the IRS website and it says it can be claimed on the current taxes. Couldn't this be used as a down payment?

There are several down payment ...

Tue, 17 Mar 2009 02:44:00 GMT

There are several down payment assistance programs/100% loans out there. There's the Nevada Housing Bond, Nevada Rural Housing, USDA Rural Housing, etc. Though what is available depends on the location you are looking to buy in.

Sure there are! For homebuying ...

Tue, 17 Mar 2009 00:53:00 GMT

Sure there are! For homebuying programs, go to http://www.hud.gov/buying/localbuying.cfm, then click on your state, then look for "Buying a Home." Under "Buying a Home," click on "assistance programs" - resources and programs to help you buy and maintain your home. If will take you to the list of programs that are currently available for first-time homebuyers in your state.

VA or Nevada Rural. FHA is ...

Tue, 17 Mar 2009 00:47:00 GMT

VA or Nevada Rural. FHA is 3.5% down. Plus first time homebuyers get the $8,000 tax break on next years return.