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Downpayment assistance?

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Anonymous
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Downpayment assistance?

I'm looking for a program that offers downpayment assistance in Texas. I live in San Antonio if anyone can assist me I would greatly appreciate it.
Message 1 of 5
4 REPLIES 4
Anonymous
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Re: Downpayment assistance?

Maybe if you provided more background and circumstance you would get more results.  What type of income do you have?  What type of credit?  How long on the job?  Do you have any money for down?  What amount of debt do you currently have?  What type of debt do you currently have?  How much house are you looking to buy?  How much assistance do you hope to obtain?

 

Currently there is an $8000 refundable tax credit available for home purchases, if you have not been a homeowner in the past 2 years.

 

Other assistance requires you to qualify, so its hard to say what you will qualify for without any details.

Message 2 of 5
Anonymous
Not applicable

Re: Downpayment assistance?

Maybe if you provided more background and circumstance you would get more results.  What type of income do you have?  What type of credit?  How long on the job?  Do you have any money for down?  What amount of debt do you currently have?  What type of debt do you currently have?  How much house are you looking to buy?  How much assistance do you hope to obtain?

 

I make about 47,000 a year I have a family of six. I've been teaching for three years. My credit scores are TU 625, EQ 627, EX 603 ( Kroll Mortgage) I have about 2000 dollars down for the home could save more but it may take longer than I would like. I'm looking to purchase by the end of this year. I'm looking to buy a home for 140,000. My debt includes a car note for 521, 74 credit card debt. I hope to obtain as much needed to secure me into covering the downpayment with what I'm bringing to the table.

 

Currently there is an $8000 refundable tax credit available for home purchases, if you have not been a homeowner in the past 2 years.

I have never owned a home before this would be my first one. I know there are income restrictions I just needed to be pointed into the right area.

 

Other assistance requires you to qualify, so its hard to say what you will qualify for without any details.

03/28/2009 TU: 814, EQ: 810
Message 3 of 5
Anonymous
Not applicable

Re: Downpayment assistance?

Currently there is an $8000 refundable tax credit available for home purchases, if you have not been a homeowner in the past 2 years.

 

The credit is not available for downpayments. You can only claim it after you have purchased a home. You cannot have owned a primary home in the past 3 years (not 2.)

Message 4 of 5
Anonymous
Not applicable

Re: Downpayment assistance?


@Anonymous wrote:

Currently there is an $8000 refundable tax credit available for home purchases, if you have not been a homeowner in the past 2 years.

 

The credit is not available for downpayments. You can only claim it after you have purchased a home. You cannot have owned a primary home in the past 3 years (not 2.)


Whoops...yes it is "three" years, sorry for the typo.  Income restrictions are $75k individual or $150k joint.

 

However, you can take advantage of the $8000 BEFORE you buy the home.  And this method might help the OP since it is the down payment that needs assistance. 

 

 

"Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community."

Message Edited by txjohn on 05-05-2009 02:24 PM
Message 5 of 5
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