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Government Incentives Guide For 2009 Home BuyersColdwell Banker Government Incentives Guide For 2009 Home Buyers!
FEDERAL HOMEBUYER TAX CREDIT (American Recovery and Reinvestment Act) Home Buyers who Purchase Homes from January 1, 2009 to December 1, 2009 may be eligible for a 10% Federal Tax Credit on the purchase of a home up to $8,000 based on the following Criteria. Ownership: Purchaser and/or purchaser’s spouse may not have owned a principal residence in 3 years previous to purchase. • Property Eligibility: Principal residences only (Single Family, Condos, Townhomes, or Coops)• Income: Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).• Repayment: No repayment for purchases on or after January 1, 2009 and before December 1, 2009• Recapture: If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.KENTUCKY STATE NEW CONSTRUCTION HOMEBUYER TAX CREDIT (HB3) In Effect from July 26, 2009 to July 26, 2010. The new construction home sale must complete during this period. • Purchasers of New Homes during that period will receive up to $5,000 nonârefundable tax credit (nonârefundable means that the credit will go against a tax liability to the state).• The new home buyer must live in the home for at least two years or pay back the tax credit to the state.• There is a total program cap of $25 million. The tax credit program is over when that cap is reached or July 26, 2010 whichever comes first.• Purchasers are defined as anyone other than first time home buyers receiving the Federal Tax Credit.• The new home must be the home owner’s principal residence. A new home is defined as either detached or attached and never been occupied.• Within seven calendar days after the purchase of a qualified principal residence, the qualified buyer shall submit via fax a completed application for the new home tax credit on forms provided by the Kentucky Department of Revenue.THE HOUSING FUND DOWNPAYMENT ASSISTANCE PROGRAM The Housing Fund, in partnership with the city of Bowling Green, is pleased to announce a first time home buyer down payment assistance program. Up to $5,000 is available for persons with incomes at or below 80% of Warren County’s median family income adjusted for family size. The income limits by household size for the program are presented below. 1 Person $30,600 • 2 Person $34,950• 3 Person $39,350• 4 Person $43,700• 5 Person $47,200• 6 Person $50,700The home must be located within the city limits of Bowling Green or its annex area. The purchase price of the home cannot exceed $150,000 and must have been constructed after 1978 or have a certified lead based paint inspection provided by the seller that states there is no lead âbased paint hazard in the home. All homebuyers must have at least one homebuyer education counseling session with a HUD or Kentucky Housing Corporation (KHC) approved counseling agency. First mortgages must meet KHC or FHA loan standards.
Call (270) 843-MOVE TO LEARN MORE!!!!
COMMUNITY HOMEOWNERSHIP INCENTIVE PROGRAM -Administered By BB & T The Chip Program provides the opportunity for the dream of homeownership for both first time and previous homeowners. (Private Mortgage Insurance Waived) Option 1: If and individual or married couple brings in less than $54,600 annually and has a 620 credit score. They can qualify for a 97% LTV mortgage. Option 2: If they have a Income less than $43,680 and 660 Credit score and have 2 months cash reserves they can qualify for 100% Financing. Property Types: Single family homes, Townhomes, Condos , & Doublewide manufactured homes on permanent KENTUCKY HOUSING CORPORATION PROGRAMS Home Buyers must meet qualifications for KHC Loans with a Maximum Regular Down payment Assistance Program (DAP) Purchase price up to $258,000. • Assistance in the form of a loan up to $4,500.• Available to all KHC first mortgage loan recipients who are firstâtime homebuyers.• After the initial deferral period, the loan will fully amortize over ten years, starting July 1, 2010, at the current first mortgage interest rate not to go below 6 percent.HOME DAPPurchase price up to $195,700. • Assistance up to $4,500• No monthly repayment; forgiven over five years.• Existing homes only.• Borrowers must meet income guidelines which varies by counties. (Warren — $30,150 Individual / $34,500 Couple)HOME Special Program Purchase price up to $195,700. • Assistance up to $10,000• No monthly repayment; forgiven over five years.• Existing homes only.• Borrowers must meet income guidelines which varies by counties. (Warren Co— $30,150 Individual / $34,500 Couple)• Eligible borrowers include:Households that include a person with a permanent disability and who receives disability income (SSI, SSDI, Veterans Disability etc.). Households where at least one of the home buyers is age 62 or older.HOME Family Program Purchase price up to $195,700. • Assistance up to $10,000• No monthly repayment; forgiven over five years.• Existing homes only.• Borrowers must meet income guidelines which varies by counties. (Warren Co— $30,150 Individual / $34,500 Couple)• Eligible borrowers include: Singleâ and twoâparent households that have at least one dependent child under the age of 18 living in the household and that are firstâtime home buyers (have not owned a home or had an ownership interest in a home in the last 3 years).More about down payment and closing costs: No liquid asset review and no limit on borrower reserves for Regular DAP. • Borrowers may retain two months’ house payments in reserve while using available funds first before looking for any form of HOME DAP assistance.• Specific credit underwriting standards may apply to down payment programs.
KHC's Second Mortgage Product Purchase price up to $316,000. • Assistance in the form of a loan up to $4,500.
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