Tag Archives: down payment
12 FebIs it Double Dipping?
On February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA). However, and most pertinent, Section 1006 [...]
Read More ...08 FebDown Payment or Invest?
If you could pay for a home with cash without getting mortgage financing, would you? Should you? That decision is both an emotional one and a financial one. Let’s look at a recent example… We received a call from a potential customer, referred to us by a real estate agent we work with, who was [...]
Read More ...28 JanCHFA Changes
Colorado Housing and Finance Authority, commonly known as CHFA, has made a few notable changes we wanted to make sure our readers were aware of. FirstStep & FirstStep Plus No Gifts Allowed for Minimum Contribution No Cosigners Allowed Non-Traditional Credit Must Be Added to Credit Report Risk Score Card No Grossing Up Income 1. FirstStep [...]
Read More ...08 JanDon’t have a lot of money for down payment?
(All stories shared on Lending A Hand contain fictitious names with changes to insignificant details. The privacy and trust of our customers is our top priority.) I received a call from a customer who was interested in a condo and wanted a maximum monthly payment of $1,000. We’ll call him Gaston (obviously a fictitious name). [...]
Read More ...03 JunTax Credit for Down Payment
On May 12, 2009 Cindy posted about the possibility of using the tax credit for down payment on FHA mortgages. At that time we had shared that “We have to find out if there are any government agencies or non-profits in your area are willing to provide this financing AND if they have funds to [...]
Read More ...13 MayTax Credit for Down Payment…..the Rest of the Story!
Just like the Lone Ranger might say to his horse, Silver…..WHOA! Here is what is being left out of the press releases that you need to be aware of…….HUD/FHA can approve the ability to allow the borrowers to use the government tax credit toward the down payment, but who is fronting the money? Where Will [...]
Read More ...18 NovMoney for Buying a Home
Money, money, money. Money is normally one of the biggest obstacles that stops renters from buying their first home. I don’t think that would be the case if they knew there was money available to assist them with down payment. The great thing is that there is just one website that you need to know [...]
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