Helping someone close to you buy a low-cost property – $50,000 or less – is a fairly straight-forward transaction, although it may require specific legal advice, says Charles Carter, an attorney and a consultant at Haint Blue Realty in Mount Pleasant, S.C.
Carter suggests that buying a property outright, using the gift exclusion ($13,000 for singles; $26,000 for married couples) to pay for a down payment and closing costs and then giving the recipient a 30-year mortgage on the remaining amount at 5 percent interest is a good way to go.
There won’t be any gift taxes. And the mortgage holder may later cancel the mortgage and gift what remains on the loan as another annual gift-tax exclusion.
Source: McClatchy-Tribune News Service, Charles Carter (06/03/2010)
5565 Glenridge Connector, Suite 400
Atlanta, GA 30342
Micole and Joy have been able to work swiftly in getting my clients approved and closed! They also work with Atlanta Development Authority Down payment assistant programs close in 45-60days depending on the program you participate in.
584 Holderness St, 30310 (Historic West End) 3bed/2.5bath 1915 Victorian Bungalow 179.9k! http://www.postlets.com/res/2152320
Saturday August 1, 2009 12-4PM!! Come tour this beautiful home and find out about the many Atlanta Down Payment Assistance programs before it’s too late.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Reintroducing FHA under 580!!! Just in, I received information from a mortgage officer on this program. If your credit score is 550-580 there is now a mortgage plan for you!
As per my mortgage officer :”Read the guides as they are different than the regular FHA guidelines. They need 5% of their own money seasoned for 60 days on 550-580. Renters must have 12 mos cancelled cks only – no vor accepted. Appraisal + enhanced field with 2 add’l comps or 2 appraisals. 150% paymemt shock – and 43% dti max. THERE ARE NO EXCEPTIONS TO ANY OF THESE REQUIREMENTS !!”
Send me an email (email@example.com) for more details and spreadsheet of requirements, eligibility information and guidelines.
To get prequalified contact:
Jayson Duff | Mortgage Banker
Real Estate Mortgage Network
Office: 770-373-5420 | Cell: 678-360-1969
Fax: 866-573-1644 | Email: firstname.lastname@example.org
For more information or to apply online please visit: www.jaysonduff.com