Now is a great time to buy a house!

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers and a $6,500 Move-Up / Repeat Home Buyer Credit.

But time is of the essence for buyers who want to take advantage of this opportunity.

Unlike the tax credit enacted in 2008, the new credits do not have to be repaid.

When I give you a call, we can go over any questions you have and start the pre-approval process.

You can also start the pre-approval process using our SECURE online application:


If you need to talk to me before I am able to give you a call or if you have an alternate number you would like me to use when I call you, please don't hesitate to contact me at:

812-932-5626

I look forward to speaking with you!

Sincerely,

Cameron Moss

Cendera Funding - Batesville, Indiana
976 State Route 46
Batesville, Indiana 47006

Phone: 812-932-5626

Fax: 812-932-5630

Email:

Here Is All You Need to Know about the Credit Programs:

How To Keep from Leaving
$$$$ at the Closing Table

$8,000 First-time Home Buyer Tax Credit at a Glimpse

The $8,000 tax credit is for first-time home buyers only. For the tax credit plan, the IRS defines a first-time home buyer as somebody who has not owned a primary dwelling during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equivalent to 10 percent of the home’s purchase cost up to a maximum of $8,000.
  • The tax credit applies only to homes priced at $800,000 and under.
  • The tax credit at the present applies to sales taking place on or after January 1, 2009 and on or before April 30, 2010. Then again, in situations where a binding sales agreement is signed by April 30, 2010, a home purchase completed by June 30, 2010 will be eligible.
  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the earnings limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with earnings up to $125,000 and married couples with earnings up to $225,000 qualify for the complete tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be entitled to claim the tax credit, buyers must have owned and lived in their preceding home for five successive years out of the last eight years.
  • The newly purchase home must become the buyer’s primary residence; the existing residence does not have to be sold.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
  • The tax credit applies only to homes priced at $800,000 or under.
  • The credit is offered for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is concluded by June 30, 2010.
  • Single taxpayers with earnings up to $125,000 and married couples with earnings up to $225,000 meet the requirements for the full tax credit.

Frequently Asked Questions About the First-Time Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal dwelling. The tax credit currently applies to sales taking place on or after January 1, 2009 and on or before April 30, 2010. Yet, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales taking place after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint income tax returns.

The earnings limits for sales taking place on or after January 1, 2009 and on or before November 6, 2009, are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

The following questions and answers offer fundamental information about the tax credit. If you have additional specific questions, we strongly encourage you to check with an experienced tax advisor or legal expert about your unique circumstances.

1. Who is eligible to claim the $8,000 tax credit?

First-time home buyers purchasing any type of home—new or resale—are entitled to the tax credit. To be eligible for the tax credit, a home purchase must happen on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A partial exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more information.
Yet, the law also allows home sales happening by June 30, 2010 to qualify, provided they are due to a binding sales contract in effect on or before April 30, 2010.
People who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit plan.

2. What is the definition of a first-time home buyer?

The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For instance, if you have not owned a home in the past three years but your spouse has owned a principal dwelling, neither you nor your spouse qualifies for the first-time home buyer tax credit. Yet, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may happen if a parent jointly purchases a home with a son or daughter. Possession of a vacation home or rental home not used as a principal residence does not exclude a buyer as a first-time home buyer.

3. How is the amount of the tax credit determined?

The tax credit is equivalent to 10 percent of the home’s purchase price up to a maximum of $8,000.

4. Are there any earnings limits for claiming the tax credit?

Yes. For sales happening after November 6, 2009, the earnings limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for purchasers with a modified adjusted gross income (MAGI) of more than $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit benefit is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. The earnings limits for claiming the tax credit were raised when the tax credit was extended. Are the higher limits retroactive?

No. The new income limits are only relevant to purchases occurring after November 6, 2009.
The earnings limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

6. What is “modified adjusted gross income”?
 
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first establish “adjusted gross income” or AGI. AGI is total income for a year minus certain deductions (known as “adjustments” or “above-the-line deductions”), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all types of income including wages, salaries, interest income, dividends and capital gains.

To establish modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

7. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?

Perhaps. It depends on your income. Partial credits of less than $8,000 are offered for some taxpayers whose MAGI exceeds the phase-out limits.

8. Can you offer me an illustration of how the partial tax credit is determined?

Just as an example, suppose that a married couple has a modified adjusted gross income of $235,000. The applicable phase-out to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phase-out range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To conclude the amount of the partial first-time home buyer tax credit that is offered to this couple, multiply $8,000 by 0.5. The result is $4,000.

Here’s another illustration: suppose that an individual home buyer has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phase-out range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.

Please keep in mind that these illustrations are to give a general suggestion of how the tax credit might be applied in different situations. You should always ask your tax advisor for information relating to your specific situation.

9. How is this home buyer tax credit unlike the tax credit that Congress enacted in early 2009?
 
The tax credit’s income limits were increased, the documentation requirements were tightened, and the program's deadlines were extended.

10. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?
 
You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to conclude their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns). No other applications are necessary, and no pre-approval is required. Yet, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it has to be a completed purchase. Home buyers have to attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as proof of the completed home purchase.

11. What types of homes will be eligible for the tax credit?

Every home that will be used as a principal dwelling will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to decide whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is significant to note that you cannot purchase a home from other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please ask your tax advisor for more information. Also see IRS Form 5405.

12. I read that the tax credit is “refundable.” What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Normally this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.

For instance, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Assume now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would collect a check for $7,000 ($8,000 minus the $1,000 owed).

13. Instead of buying a new home from a home builder, I hired a contractor to build a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal dwelling that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this circumstance, the date of first occupancy must be on or after January 1, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April, 30, 2010).

However, for newly-constructed homes purchased from a home builder, eligibility for the tax credit is decided by the settlement date.

14. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with an MRB home buyer program. Note that first-time home buyers who bought a home in 2008 may not claim the tax credit if they are participating in an MRB program.

15. I live in the District of Columbia. Can I claim both the Washington, D.C. first-time home buyer credit and this new credit?

No. You can only claim one.

16. I am not a U.S. citizen. Can I claim the tax credit?

Perhaps. Anybody who is not a nonresident alien (as defined by the IRS), who has not owned a principal dwelling in the preceding three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

17. Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who obtains an $8,000 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same illustration, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer’s tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.

18. I bought a home in 2008. Am I eligible for this credit?

No, but if you bought your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit. Please ask your tax advisor for more information.
 
19. Is there any means for a home buyer to access the money allowable to the credit sooner than waiting to file their 2009 or 2010 tax return?

Yes. Potential home buyers who think they qualify for the tax credit are allowed to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

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 take place, then the individual would be responsible for repayment to the IRS of income tax and possible interest charges and penalties.

Additionally, rule changes made as part of the economic stimulus legislation permit home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. As a result, some state housing finance agencies have introduced programs that offer short-term second mortgage loans that may be used to fund a down payment. Prospective home buyers should check with their state housing finance agency to see if such a plan is offered in their community. To date, 18 state agencies have announced tax credit aid programs, and more are predicted to follow suit. The National Council of State Housing Agencies (NCSHA) has compiled a list of such programs, which can be found here.

20. HUD is now allowing "monetization" of the tax credit. What does that mean?

It means that HUD allows buyers using FHA-insured mortgages to apply their expected tax credit toward their home purchase immediately rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under HUD’s guidelines, non-profits and FHA-approved lenders are allowed to give home buyers short-term loans of up to $8,000. The guidelines also allow government agencies, such as state housing finance agencies, to assist home sales by providing longer term loans secured by second mortgages.
Housing finance agencies and other government entities may also issue tax credit loans, which home buyers can use to fulfill the FHA 3.5 percent down payment requirement. Additionally, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.

21. If I’m qualified for the tax credit and purchase a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?

Yes. The law permits taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the preceding year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thus helping the buyer recognize whether the income limit will decrease their credit amount.

Taxpayers purchasing a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should ask a tax professional to determine how to handle this.

22. For a home bought in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?

Yes. If the applicable income phase-out would reduce your home buyer tax credit total in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount.

Frequently Asked Questions About the Repeat Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) buying a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

These questions and answers offer basic information about the tax credit. If you have more precise questions, we strongly recommend you to ask a qualified tax advisor or legal expert about your unique circumstance.
 
1. Who is entitled to claim the $6,500 tax credit?

Qualified move-up or repeat home buyers purchasing any type of home are entitled to claim this credit.

2. What is the definition of a repeat home buyer/move-up buyer?

The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and lived in a home for at least five successive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. Repeat home buyers do not have to buy a home that is more expensive than their previous home to qualify for the tax credit. Additionally, repeat buyers do NOT have to sell their existing residence but the newly purchase home MUST become their primary residence.
 
3. How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit.
 
4. Are there any income limits for claiming the tax credit?

Yes. The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phase-out range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

5. What is “modified adjusted gross income”?
 
Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and the first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts of foreign-earned income. See IRS Form 5405 for more details.

6. If my modified adjusted gross income (MAGI) is above the limit, am I eligible for any tax credit?

Perhaps. It depends on your income. Partial credits of less than $6,500 are on hand for some taxpayers whose MAGI exceeds the phase-out limits.

7. Can you provide me an illustration of how the partial tax credit is determined?

Just as an illustration, suppose that a married couple has a modified adjusted gross income of $235,000. The applicable phase-out to qualify for the tax credit is $225,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phase-out range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To conclude the amount of the partial first-time home buyer tax credit that is offered to this couple, multiply $6,500 by 0.5. The result is $3,250.

Here’s another example: suppose that an individual home purchaser has a modified adjusted gross income of $138,000. The buyer’s income exceeds $125,000 by $13,000. Dividing $13,000 by the phase-out range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $6,500 by 0.35 shows that the buyer is entitled to a partial tax credit of $2,275.

Keep in mind that these illustrations are intended to offer a basic idea of how the tax credit might be applied in different situations. You should always consult your tax advisor for information concerning your specific circumstances.

8. How is this home buyer tax credit unlike the tax credit that Congress enacted in July of 2008? How is this different from the rules established in early 2009?

The preceding tax credits applied only to first-time home buyers and were for different amounts of money.

9. How do I claim the tax credit? Do I need to complete a form or application? Are there documentation requirements?

You claim the tax credit on your federal income tax return. Home buyers should complete IRS Form 5405 to decide their tax credit amount, and then claim this amount on line 67 of the 1040 income tax form for 2009 returns (line 69 of the 1040 income tax form for 2008 returns).
No other applications are necessary, and no pre-approval is necessary. Still, you will want to be sure that you are eligible for the credit under the income limits and repeat home buyer tests. You cannot claim the credit on Form 5405 for a planned purchase for some future date; it must be a completed purchase. Home buyers must attach a copy of their HUD-1 settlement form (closing statement) to Form 5405 as evidence of the completed home purchase.

10. What types of homes will qualify for the tax credit?

Any home that will be used as a principal dwelling will be eligible for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is the same one used to decide whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.

It is significant to understand that you cannot purchase a home from other family members, your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse or your spouse’s family members. Please ask your tax advisor for more information. Also see IRS Form 5405.

11. I read that the tax credit is “refundable.” What does that mean?

The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Usually this involves the government sending the taxpayer a check for a part or all of the amount of the refundable tax credit.

For instance, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Assume now that the taxpayer qualified for the $6,500 home buyer tax credit. As an outcome, the taxpayer would receive a check for $5,500 ($6,500 minus the $1,000 owed).

12. Instead of buying a new home from a home builder, I hired a contractor to build a home on a lot that I already own. Do I still qualify for the tax credit?

Yes. For the purposes of the home buyer tax credit, a principal dwelling that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be after November 6, 2009 and on or before April 30, 2010 (or by June 30, 2010, provided a binding sales contract was in force by April 30, 2010).

However, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date. Be sure to ask a tax advisor in cases where a HUD-1 form is not used at settlement to be certain you have adequate documents to attach to IRS Form 5405.

13. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?

Yes. The tax credit can be combined with an MRB home buyer program.

14. I am not a U.S. citizen. Can I claim the tax credit?

Maybe. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and lived in a principal residence in the United States for at least five successive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS gives a definition of “nonresident alien” in IRS Publication 519.

15. Is a tax credit the same as a tax deduction?

No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $6,500 in income taxes and who receives a $6,500 tax credit would owe nothing to the IRS.

A tax deduction is subtracted from the amount of income that is taxed. Using the same example, suppose the taxpayer is in the 15 percent tax bracket and owes $6,500 in income taxes. If the taxpayer receives a $6,500 deduction, the taxpayer’s tax liability would be reduced by $975 (15 percent of $6,500), or lowered from $6,500 to $5,525.

16. Is there a way for a home buyer to access the money allowable to the credit sooner than waiting to file their 2009 or 2010 tax return?

Yes. Prospective home buyers who think they qualify for the tax credit are allowed to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will allow the buyer to build up cash by raising his/her take home pay. This money can then be applied to the down payment.

Buyers should adjust the 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 happen, then the individual would be responsible for repayment to the IRS of income tax and potential interest charges and penalties.

Also, 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 have introduced programs that provide short-term second mortgage loans that can be used to fund a down payment. Prospective home buyers should contact their state housing finance agency to see if such a program is on hand in their community. To date, 18 state agencies have announced tax credit assistance programs, and more are predicted to follow suit. The National Council of State Housing Agencies (NCSHA) has put together a list of such programs, which can be found here.

17. HUD allows “monetization” of the tax credit. What does that mean?

It means that HUD will allow buyers using FHA-insured mortgages to apply their anticipated tax credit to their home purchase right away rather than waiting until they file their 2009 or 2010 income taxes to receive a refund. These funds may be used for certain down payment and closing cost expenses.
Under the guidelines announced by HUD, non-profits and FHA-approved lenders are allowed to offer home buyers short-term loans. The guidelines also allow government agencies, such as state housing finance agencies, to assist home sales by offering longer term loans secured by second mortgages.

Housing finance agencies and other government entities may also issue tax credit loans, which home buyers may use to satisfy the FHA 3.5 percent down payment requirement.

In addition, approved FHA lenders can purchase a home buyer’s anticipated tax credit to pay closing costs and down payment costs above the 3.5 percent down payment that is required for FHA-insured homes.

I'm ready, What's my next Step?

Give my office a call and let's get you prequalified. It only takes a few minutes and will be well worth your time. Then I will match you up with one of my qualified Realtor Partners and you can start looking for your house.

Start The Pre-Approval Process Here:


Call me today before this program ends.

I look forward to hearing from you.

Sincerely,

Cameron Moss

Phone: 812-932-5626
The information on this web site for general informational purposes only. The information on this website does not constitute the provision of tax advice, legal advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action on this information, you should consult a qualified professional adviser to whom you have provided all of the facts applicable to your particular situation or question. None of the tax information on this web site is intended to be used nor can it be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.