Get paid to buy your new home!

Many first time home buyers are not aware that you can get paid to buy your first home!

Special Tax credits paired with buying the right home could earn you up to $9,000 just for buying a house. You also have the opportunity to get money to make repairs on some homes you buy that need a little work.

 The American Recovery and Reinvestment Act of 2009.

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

 The New Georgia Incentive for Purchasing a HUD home is a $1,000 Allowance paid to owner-occupant buyers who go under contract on a HUD property within its first 30 days on market.

This Program is only available to owner-occupant buyers; investor buyers not eligible

• Buyer financing type is irrelevant
• Eligible properties are new listings which have a list date of June 4, 2008 or later.
• Please note this incentive is available for new listings only; properties which were/are on market and re-list after June 4 are not eligible for the incentive.
• Contract must be received and executed within 30 days of property’s initial list date

When a HUD Home is listed as “INSURED-Repair Escrow” it means that one can purchase the property with FHA-Insured Financing BUT it doesn’t meet ALL FHA “Minimum Property Standards” (MPS) and that funds sufficient to fix whatever needs fixing to bring the property up to MPS must be Escrowed by the Lender. HUD listings should tell the prospective Buyer what work needs to be done before buying the property and the amount of money that needs to be placed in Escrow at Closing to provide for getting the needed work done within 90 days of the Closing!

The amount of money needed for the “Repair Escrow” is ADDED to the Buyer/Borrowers’ loan amount, so the Buyer/Borrower actually pays for the needed repairs. And the Buyer/Borrower–now Homeowner–gets the work done AFTER closing and pays for it out of the “Repair Escrow” Account! In today’s market its an advantage to be able to finance these repairs into your loan if you don’t have the cash to do it yourself. Take advantage of the low interest mortgage rate instead of paying for repairs with a high interest credit card.

HUD Home purchases are complicated, sometimes confusing, often contradictory! A prospective Buyer/Borrower for a HUD Home needs an EXPERIENCED Realtor such as myself AND Loan Officer to help him/her “through the maze”! By “experienced” I mean a Real Estate Agent and a Loan Originator who has worked a number of HUD Home sales before–and is familiar with the problems and solutions that may occur within each transaction with this government agency!

Taking advantage of these programs can save you thousands, provide money for repairs, give you up to $8,000 that does not have to be re-paid and move you into a home for as little as $100 down! Buying a HUD home at low market prices will also be an investment in your future. It’s all a matter of pairing these programs together to take full advantage of what is being offered to today’s home buyer.

Give me a call today so I can help you take advantage of these great opportunities. Be sure to take a look at some of the HUD listings I have posted under my listings!

Its no scam! Its Uncle Sam!