8000 Tax Credit For First Time Home Buyers With Low Down Payment RealEstateMarketingThisWeekcom

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Part 3 - We Have Back in the studio today Mr. Dan Havey. Dan and I Have WORKED Together in the Mortgage Industry for about 14 Years and we are happy to Have Him back.He has seen a lot of exchange in the Market and thanks again for Being here.

Michael, Here Is a question I wanted to ask you, There Is So Much In The misconception marketplace today as far as What Is Still available for financing. I think a lot of people Have This Idea That It Is Impossible to finance a mortgage loan or get a gold That You Have to Be Able to put 20% down to 720 FICO gold Have you let people know score.Can whats really going on out there?

Well you know a lot of Things Have Gone are a lot of away.There Those Old Loan Program That Were Fancy Ways to sell real property finance and money and a lot of thats gone. The Reality of It Is, if a person has a Minimum Amount of money down, There Is absolutely financing Through the Federal Housing Administration With down.You Can Buy 3.5% up to about $ 358,000 With only 3.5% down.Now With Fannie Mae and Freddie Mac weekends Actually Do Have A Few That Will investors allow us to put only 5% Down With Those Loan Amount And That IS $ 417,000 maximum. So There Is Still Plenty of financing for primary residences.

Now in regard to looking at investment properties Believe It or Not There Are Still Some Actually Stated Income loans out there, But The Stated Income loan is for a non-owner Occupied property, The Interest Rates are very high and you know what, If You Can 20 to put 25% down and Prove your revenu you are better off using Conventional financing, It Is absolutely "still available.

Now if you are a first time home buyer living in apartment and year you are getting kind of tired of it, you are looking at low interest rates, you are Looking at the property gains Have Come Down over 50%, FHA IS going to Generally Be the direction that person and IS going to want to go, right?

Absolutely and you know Dan With The $ 8000 first time home buyer tax credit You Know That Is a check thats the Government Sends you for up to 10% Of The sales price of the Home up to $ 80,000. Its capped at 10%, you are not Going to Get More Than $ 8.000 back and You May get less if you buy for less than $ 80,000, to whats really Interesting about this is you can, if You Have Already Filed your 2008 tax return, you-can file a 1040Xand get that credit soon. You dont have to wait until April 15th of 2010 to get your tax credit.You put the money down today, Click On The mortgage, move in, your file 1040x, There Is a Form That Is Called The 5405 All That goal thats not important , and You Can Have That money back in your pocket right away.

So I know That Was Part of the plan That cam out today and just to make it a little bit Clearer peoplelets just take for example a year. Lets say you buy yourself a $ 150,000 house and you buy it did a year FHA, it doesn't really matter How Much Money Down or how you buy The House goal if you buy a $ 150,000 house, you are going to get year automatic $ 8,000 tax credit That You Canon Of The take off That You owe taxes The government. So lets take a year for instance Where You Are a W-2d employee and you pretty much break even at The End of the Year, you dont owe's The Government "any money and They dont owe you" any money's The Government Will Actually write you a check for $ 8000 That tax credit for and if you buy it this year you-can emend your tax return for 2008 and get a check From the Government for $ 8,000.

And thats not Including The Other tax write offs That you get for writing off the taxes On the House writing off the interest On the House, so again With A $ 150,000 house with 6% interest Roughly you Are Going To Be Looking at Another $ 10,000 worth of write offs on top of That. Now That Is not a write off a tax credit, like The Other One so you are goin.