Greg Cowart on Zillow
Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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Use FTHB tax credit for down payment?

This is a big question I’ve had since the new tax credit was announced earlier this year. It could be a great help to young families in Roseville trying to buy their first home if it was allowed. It would allow first time buyers in and around Roseville to buy a new house or condo without having to exhaust their savings.

Not sure what I’m talking about? Earlier this year, as part of the many government plans and programs designed to stimulate the housing market, first time buyers in California are allotted an $8,000 tax credit after closing escrow on their new home. The minimum down payment on an FHA loan in Roseville is about $7,000 – $9,000 based on current average home prices. Not everyone has this kind of money to put down or has a family member that can gift them the money for the down payment right now.

Sure, if you DO have the money it’s reasonable that you can use it for your down payment and get it all back on your 09′ tax return. But how do we make it work for those that don’t have the money available right now? That is the BIG question. One thing that should be known is that here at Roseville Loan Expert we’re always developing new ideas and tools to be ahead of the market in bringing our clients the best tools to get into a new home. Are we onto something? A new way to help out by using the FTHB tax credit for the down payment? Well, nothing is set in stone yet but I wouldn’t be surprised to hear something very soon!

~Greg :: The Roseville Loan Expert


P.S. There AREA still 100% and no-money-down programs in the Sacramento area. Here at Comstock we have access to all of them and are always on the cutting edge of new programs that help create homeownership every day. It’s not certain that you have to put anything down at all. From VA, to USDA, to PERS, and a few other programs you may be eligible for 100% financing already! Give me a call if you would like to look into these possibilities.

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