FHA Down Payment Assistance In Jeapordy
An IRS ruling just handed down seeks to end the tax exampt status of down-payment-assistance programs. Over the past 10 years, these nonprofits have helped about 600,000 families buy homes without saving the 3 percent that the FHA loan program requires. While none of these non-profits have lost their tax exempt status to date, it is highly likely that this loophole is about to be closed.
The FHA loan is very outdated at this point and is long overdue for an overhaul. The feds are now working on doing just that, allowing borrowers to qualify with zero down and many other changes. But why wait?
Fannie Mae and Freddie Mac both have excellent programs available today for borrowers who would have traditionally fallen into the FHA category. Fannie's MyCommunity Mortgage is a favorite of ours. We have found this to be beneficial in most cases over a traditional FHA program. This new product offers:
Better than ever with low mortgage insurance coverage requirements
* 20% coverage for 100% LTV
* 18% coverage for 97% LTV
* 6-16% coverage for other LTVs above 80%
Plus,
* Minimum borrower contribution of $500
* LTVs to 100% for one-unit properties
* Available for two- to four-unit owner-occupied properties
* Flexibility on credit histories
* Extra flexibilities with options to serve teachers, police officers, firefighters, and health care workers, and people with disabilities or a family member with a disability
Call Primacy Mortgage today to discuss your needs for 100% financing in the Atlanta, Georgia area.