January 18th, 2010 7:24 PM by Jodie Ford
Use Your Tax Return to BUY A HOUSE
Charleston Air Force Base, South Carolina
Thinking about buying a house near Charleston Air Force base with your tax return cash? Want to take advantage of FHA’s low down payment requirements?
You may want to act now because TIME IS RUNNING OUT.
Charleston Air Force base homebuyers may soon be required to provide more cash up front and meet higher credit scores to qualify for an FHA mortgage.
Housing and Urban Development Secretary Shaun Donovan told a House committee Wednesday that the administration wants borrowers to have a stronger equity position on their loans. One possibility would be raising the current 3.5 percent FHA down payment requirement. Proposed legislation in Congress would raise the down payment required to 5 percent.
Donovan also wants to reduce seller inducements, such as offers to pay closing costs, to no more than 3 percent of the purchase price. Donovan said the current 6 percent level creates incentives to inflate the appraised value of the property.
AS OF RIGHT NOW…
The FHA program makes buying a Charleston Air Force base home easier and less expensive than other types of real estate mortgage programs. Some highlights of the FHA loan program are:
· Down payment less than 3.5% of Sales Price
· Use your tax return as your down payment
· Gift for down payment and closing costs allowed.
· FHA regulated closing costs.
· Seller can credit up to 6% of sales price towards buyers costs.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers who want to use their tax return cash as a down payment.
Don’t miss the opportunity to invest in your future with minimal cash out of pocket!
Jodie Hurt - Charleston Air Force Base, SC Military Relocation Specialist - Real Estate I specialize in helping military families enjoy a smooth PCS in and out of Charleston Air Force Base, South Carolina. I have a passion for helping people, and I love what I do. Call me (843) 819-4398 and let me make this the easiest PCS yet!