Want an $8,000 Down Payment Gift To Buy a Foreclosed House?

Dear Friend,
In this post:

Feature Article:Get an $8,000 Down Payment Gift To Buy a Foreclosed Home

Special Opportunity: A  real  foreclosure home deal, I’ve found.

Resources: How To Create Blueprint for Wealth

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Feature Article: Get an $8,000 Down Payment Gift on a New Home Purchase

If you’re a first-time home buyer, you could soon be getting as much as $8,000 toward your down payment from Uncle Sam.

On May 12, U.S. Housing and Urban Development secretary Shaun Donovan announced a plan that will allow first-time home buyers to use the federal 8,000 tax credit toward their down payment on Federal Housing Administration loans.

The plan will allow FHA borrowers who qualify for the credit to access the funds at closing, using them for down pay

ment, rather than having to wait for a check from the IRS after purchasing the home.

“We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said at the National Association of Realtors’ Midyear Legislative Meetings & Trade Expo, according a statement released by HUD.

The FHA will allow approved lenders and state and local agencies to issue bridge loans to first time buyers, which will provide funds at closing, then be re-paid when the borrower gets his or her tax credit.

Donovan said that FHA will announce all the details of the plan soon.

The first-time home buyer tax credit was passed in February, and gives those who have not owned a home in the past three years a credit of 10 percent of the purchase price of a new home, up to 8,000.

Borrowers must meet income requirements to be eligible for the full credit – it drops for single borrowers who earn between 75,000 and 95,000 a year and for married couples earning 150,000 to 170,000. Buyers with incomes over those thresholds are not eligible for the credit, which expires Dec. 1.

The National Association of Realtors has been pushing for down payment assistance legislation, and this new program brings back the “no-money” down type loans of recent years – but with a big exception: The government is providing the down payment.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said, “As the leading advocate for housing issues and homeownership, NAR continues to take a leadership role in promoting ideas for improving our economy by stabilizing the housing and real estate markets. Today we have the best of the best to begin a dialogue, develop solutions and initiate action toward real estate and economic recovery.”

FHA currently requires as low as a 3.5-percent down payment, which means an FHA borrower who qualifies for a loan could buy a 230,000 house and have his or her down payment covered by Uncle Sam.

With interest rates that continue to hover around all-time lows, this soon-to-be-finalized program will add even more affordability for buyers in the housing market.

Here is a link to the NAR’s release on the announcement of the program:

http://www.realtor.org/press_room/news_releases/2009/05/re_summit

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Special Opportunity: Check out this GREAT DEAL

I believe I have just found one the best foreclosure deals on the Jersey City, NJ market right now.

If you are an investor or owner occupant who can handle repairs this is for you.

Please click the following link and create a NJ Foreclosure Secrets membership account.

(or type in  http://www.njforeclosuresecrets.com )  My members get first dibs on deals I come accross.

I’ll supply you details including my opinion on how far below market price the asking price is,

how much i think it will cost to do the repairs, comps for the property, etc.

Wait it gets even better for owner-occupants:

** If you use FHA financing you could purchase for as little at 3.5 percent down!

** You can receive up to 10% of purchase as Federal Tax Credit and can be done retroactive to 2008.

For example, you could receive $8,000 cash back for purchasing the home, and you don’t have to wait until next year’s tax return to get it!!!

You may even be able to use your tax credit as a down payment (See Feature Article above).

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Recommendations & Resources: A blueprint for wealth

The New York Times recently reported that worldwide unemployment could
hit a staggering 50 million by the end of 2009. Dennis Blair, the United
States director of national intelligence told congress the following:

“Nearly everybody has been caught by surprise at the speed in which unemployment is increasing …”

Layoff announcements are coming fast and furious since the beginning of the year …

Circuit City:   30,000
Citygroup:      52,000

Pfizer:         19,500

Sprint Nextel:  8,000
Caterpiller:    20,000

The list could go on and on, the point being that your job is NOT secure.  If you do lose your job because of the recession,

you’ll find yourself in a nightmare trying to find a new job. The conditions for finding a new job are terrible.

You must do something now to combat this vicious cycle. You must eliminate
any and all dependency on your job for income.  I know, easier said than done, but it must be done. Be proactive. Don’t wait for
this ugly unemployment situation to fix itself. It will get worse before it gets better.

One of the best options is to launch your own “side” business from home to begin earning income outside of your job.

Believe it or not, some small businesses flourish in adverse economic conditions. Your new “side” business could be one of them!

To find out how to launch your own side business and secure your financial
future and recover from the recession, request a Special Wealth Blueprint report

When you request this special Wealth Blueprint report, you’ll also receive
an audio presentation that you absolutely must listen to before it’s too
late.

Have a great weekend!

Brian

P.S. Remember to register for the special foreclosed home deal mentioned above.

This home is already priced way below market value.  Must be a member to get access.

Related articles by Zemanta

• Buy a Foreclosure with a New Government Program (usnews.com)
• 1.4 million Americans score $8,000 tax credit (money.cnn.com)
• Housing market is stabilizing (westseattleherald.com)
• Pending home sales rebounding (money.cnn.com)

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