Roger & Christal Browning
Lexington Real Estate Services
193 Old Coach Road
Nicholasville, KY 40536
Office: 859.227.2183
Fax: 859.514.8915
Cell: 859.396.7295
More Service . . . Less Cost
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| Mortgage Rates |
National |
Average
Rate* |
| 30-Year Fixed |
5.34% |
| 15-Year Fixed |
4.94% |
| 5/1 ARM |
4.94% |
| * Conforming FNMA Loan Amount. Rates may include points.
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Information updated: 7/03/2009
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Buyers - click underlined options below
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1st Time Homebuyer - $8,000 tax credit? - Have questions about other tax credits?
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$8,000 Tax Credit for Home Buyers - WASHINGTON (Reuters) May 29th, 2009 - The Federal Housing Administration will allow the new $8,000 first-time homebuyer tax credit to be applied directly toward home purchase costs when using an FHA-insured mortgage, the Department of Housing and Urban Development said on Friday.
The plan to "monetize" the tax credit up-front is aimed at more quickly stabilizing the housing market, HUD Secretary Shaun Donovan said in a statement.
But in detailed rules, the FHA will still require home buyers to provide a minimum 3.5 percent downpayment from other sources.
The $8,000 tax credit for first-time home buyers was created as a part of the Obama administration's $787 billion stimulus plan. Some private lenders already were allowing buyers to apply the credits directly toward purchase costs through special financing schemes.
With the FHA following in a similar vein, a significant portion of the first-time homebuyer market will have up-front access to the credits instead of waiting until tax returns are filed.
"What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing," Donovan said in a statement
FHA-insured loans, which largely have replaced the subprime mortgage market, now accounts for about 25 percent of new mortgages, senior HUD officials said, versus about 2 percent of the market two years ago. At this pace, the agency will insure some 2.2 million mortgages this year.
The National Association of Home Builders estimates that the $8,000 first-time homebuyer credit will stimulate 160,000 home sales across the United States -- 101,000 purchases from first-time buyers and another 59,000 purchases by existing homeowners who sold dwellings to first-time buyers.
$4,500 Assistance for Down Payment and Closing costs - FRANKFORT, Ky. – Gov. Steve Beshear announced Wednesday, April 22, a special initiative by Kentucky Housing Corporation (KHC) to offer up to $4,500 for down payment and closing costs for first-time home buyers who obtain a KHC home loan. The program will begin on May 1, 2009 and continue through Nov. 30, 2009.
The First Home Advantage Program provides a second mortgage with principal and interest payments deferred until July 1, 2010 for KHC-approved, first-time home buyers.
“For many first-time home buyers, the biggest barrier to homeownership is the ability to pay upfront expenses, such as the down payment and closing costs,” said Gov. Beshear. “The innovative First Home Advantage Program will not only help qualified Kentucky home buyers overcome this barrier and realize their dream of owning a home, it will hopefully reinvigorate the housing market help get our economy moving in the right direction.”
The First Home Advantage Program offers a 10-year loan that defers payment with a zero percent interest rate until July 1, 2010. After the initial deferment period, the loan will fully amortize over ten years at the rate of 6 percent. If the borrower pays off the loan before July 1, 2010, KHC will forgive $300 of the principal balance.
The American Recovery and Reinvestment Act of 2009, signed into law by President Barack Obama on February 17, 2009, provides first-time home buyers with an $8,000 tax credit. After purchasing their home, home buyers have the opportunity to file for the housing tax credit provided by the stimulus on their 2009 tax returns and use the tax credit for the repayment of the First Home Advantage Program loan to take full advantage of the prepayment incentive.
“We want to do everything we can to help Kentucky homeowners purchase their new homes,” said Richard L. McQuady, chief executive officer of KHC. “The First Home Advantage Program allows home buyers to take advantage of every opportunity available to them in these difficult times.”
In order for home buyers to qualify for this program, they must obtain a KHC first mortgage through a KHC-approved lender, be a first-time home buyer, meet KHC income and purchase price guidelines, and have a 620 minimum credit score.
To learn more about KHC’s homeownership programs, visit their Web site www.kyhousing.org.
Mortgage Credit Certificate - The new Kentucky MCC program is designed to give first time buyers up to $2,000 a year in a tax credit to offset tax liability. This tax credit is available every year the homeowner has the original loan and occupies the home. It can be used along with the $8,000 Federal tax credit. Consult your tax accountant. See more information at www.kyhousing.org/uploadedFiles/Lenders/MCC_Flier_05-2009.pdf
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