If you are buying a home in East Baton Rouge or West Baton Roug, the Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items. There are income limits and home cost limits. And the program interest rates vary depending on which type of loan for which you quality. The HOME program gives a minimum of 4.5% and a lower interest rate. The assisted program gives 4% and a slightly higher interest rate. Both give assistance toward other monthly costs. This program allows slightly lower credit scores than the present FHA lowiest limit of 620. The popular rural developmnet funding isn't available for homes inside the city limits of Baton Rouge.
Many are wondering: can use these programs and still get the $8000 1st time homebuyer tax credit? Yes, there is no exclusion for type of mortgage or if you pay cash. The important thing is that you be sure you close on an home BEFORE November 2009, which is the desdline for obtaining the $8000 tax credit that is part of the Economic Stimulus plan.
What a great time to buy a home with interest rates ranging from 4.5% to 6.9% depending on which mortgage program you select and qualify for!
Related questions about the $8000 tax credit for 2009:
1. What Is a First Time Homebuyer?
2, Do I Have to Wail until next year when I file my 2009 return to get the $8000 credit?
If you are thinking about buying a home in Livingston Parish and are a first time homebuyer, there's some good news from the Economic Recoery bill receintly passed.
Two of the programs available to assist in purchasing a home are the rural development program (a federeal program) and Louisiana bond assistance. The rural development loan eliminates mortgage interest in yur monthly with a fee financed into the loan and gives a lower interest rate. The Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items. There are income limits and home cost limits. And the program interest rates vary depending on which type of loan for which you quality. The HOME program gives a minimum of 4.5% and a lower interest rate. The assisted program gives 4% and a slightly higher interest rate. This program allows slightly lower credit scores than the present FHA lowiest limit of 620.
And even better news; you can use these programs and still get the $8000 1st time homebuyer tax credit if you close on an home BEFORE November 2009.
For Ascension Parish there are gift programs that provide cash for down payment and closing or eliminate mortgage interest compbined with low interest rates to help a first time homebuyer get into their home. Two of these are rural development financing (a federal program) and Louisiana state bond funding assistance which can provide up to 4.5% of the purchase price, depending on your salary. There are two programs, the Home program and the regular assistance. The home program has a lower interest rate and 4.5% assistance. The regular program has a higher interest rate and 4% assistance. In either of these programs, the seller can help with closing costs, giving the buyer an opportunity to purchase a home with very little cash out of pocket.
Many are wondering if the $8000 tax credit that passed earlier in 2009 can be claimed if one of these gift funding programs is ussed?
The answer is YES, it can. This credit is not related to how a first time home buyer purchases a home or what type of mortgage they use or if they pay cash. Once the home is closed, they become eligible for this additional $8000 tax credit.
Related questions answered in previous blogs:
1. What Is a 1st Time Homebuyer?
2. Do I have to wait until I file my taxes in 2010 to get the credit?
One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home.
If you have already filed can file an amended 2008 tax return with a 1040X form. This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.
Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. You will want to be sure that you qualify under the limits of the 1st Time Homebuyer tests.
One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home.
If you have already filed can file an amended 2008 tax return with a 1040X form. This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.
Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. You will want to be sure that you qualify under the limits of the 1st Time Homebuyer tests.
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