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ATTENTION RESIDENTIAL BUYERS THE FIRST DEADLINE FOR BUYERS AND SELLERS IS APRIL 5, 2010!
On that date, the Department of Housing and Urban Development will initiate new regulations for FHA loans.
Among the changes that will take effect on that date are: The mortgage insurance premium for FHA mortgage insurance on loans which are assigned on or after April 5, 2010, will be raised from 1.75% to 2.25% of the loan amount.
Individuals who have a credit score of less than 580 will be required to pay a minimum down payments of 10% of the sales price, rather than the traditional minimum of 3.5% The percentage of loan fees and closing costs that the Seller is allowed to provide will be reduced from 6% to 3%.
The tax credit can be applied to the purchase of a new or existing home. A first-time home buyer is defined as a person who has not owned a principal home during the last three years. The tax credit is equal to 10 percent of the purchase price of the home up to $8,000. The income limitations to qualify are less than $125,000 for an individual and less than $225,000 for joint filers. The tax credit is refundable and does not have to be paid back unless the homeowner sells the home within three years of their purchase. Qualifying homes must be under a binding contract by April 30, and have completed the sale by June 30, 2010.
$2,000 Mortgage Credit Certificates
Through the Kentucky Housing corporation, the Federal Government allows first-time homeowners an income tax deduction for part of the interest paid each year on a mortgage loan. The Mortgage Credit Certificate gives a tax credit of up to $2,000 each year (25 percent of total interest) which reduces the amount of Federal Income Tax and puts more money in the Buyer's pocket during the year. The credit can be taken for the life of the loan. The drawback factor is - Buyers who sell their home before nine years could be subject to a Federal Recapture Tax. When you apply for this credit be sure you are going to live in your home for the next nine years.
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