August 30th, 2008 11:10 AM by Sam Kader
The Housing and Economic Recovery Act of 2008 recently signed by the President allows first time home-buyers who purchased after April 9 of 2008 and before July 1, 2009 to claim 10% of the purchase price capped at $7,500 credit. Single homebuyer may earn up to $75,000 and $150,000 (Adjusted Gross Income)for married homebuyers a year to qualify. You (or your spouse) must not have owned a primary residence during the three-year period prior to the purchase. The credit is an interest free loan for 15 years. You have to pay it back after 2 years claiming the credit. Annual payment is $500.
For further information, please visit http://www.federalhousingtaxcredit.com/index.html
Homeowners with Reverse Equity.
If you owe more than your house is worth, you may qualify to refinance under hope4homeowners program if you fulfill the criteria:
Lender will forgive all the debt over 90% of the current appraised value and allow homeowner to refinance with and FHA-insured mortgage. Borrowers have to share their house price appreciation with the government when they refinance the loan or sell the house.
Please provide the following information: