[topaz420]

Originally Posted by duttygal86

I qualify 100%, except for the fact that you probably still have to have a 700 plus credit score. I would love the opportunity to take advantage of this.

Only if you're doing conventional financing would you need 700+ -- and even that is at the lender's discretion - the down payment assistance program itself has no rules about credit score

If you go the FHA financing route then the credit score can be even lower (i've seen people qualify for this program with 620 credit score and 3% down -- a bit scary)

[jerseyru]

Originally Posted by ElleTea

Yep, that is one of the key factors in the $8K tax credit. The house needs to be your primary residence for three years. Honestly, I am suprised a military guy would even apply for the credit as they dont always stay in one place for very long.

That requirement was put in place to keep someone from buying a house as an income property just to get the money.

I'm in the military and also received the $8K tax credit. I just moved to Germany a couple months ago (on orders). I contacted the IRS prior to moving and they just required a copy of my orders to exempt me from repaying the $8K. I guess I'll find out for sure next tax season.

[ElleTea]

Originally Posted by jerseyru

I'm in the military and also received the $8K tax credit. I just moved to Germany a couple months ago (on orders). I contacted the IRS prior to moving and they just required a copy of my orders to exempt me from repaying the $8K. I guess I'll find out for sure next tax season.

Oh, that's good! Hopefully you will be exempt. Our military shouldn't be penalized. Thanks for serving!

[topaz420]

*UPDATE*

As of 2 days ago, this program still has funds available!

I was sure with only 400 grants available they'd all be gone by now.

Let me know if you have any questions about it.

[eventusstultorummagister]

Originally Posted by topaz420

*UPDATE*

As of 2 days ago, this program still has funds available!

I was sure with only 400 grants available they'd all be gone by now.

Let me know if you have any questions about it.

WOW! This program started in June with 400 grants and today they still have 399 up for grabs. Nobody below the income threshold can qualify for a loan? This debt crisis may be worse then I imagined!

[Tek_Freek]

And those of us who have worked our butts off our entire life, lived conservatively, saved, refused to live on our credit cards, and now are looking to buy a house - get screwed again.

[topaz420]

Originally Posted by Tek_Freek

And those of us who have worked our butts off our entire life, lived conservatively, saved, refused to live on our credit cards, and now are looking to buy a house - get screwed again.

If you qualify for this program, you're set, and if you've saved enough to not need this program, you're set.

How are you screwed?

[eventusstultorummagister]

To clarify, it's an interest free loan, not a gift. It will require repayment... eventually

[topaz420]

Originally Posted by eventusstultorummagister

To clarify, it's an interest free loan, not a gift. It will require repayment... eventually

20% of the balance is forgiven (permanently) each year. When you reach your 5 year anniversary you're free and clear. So if you're intending on living there long-term then it becomes a gift

[Tek_Freek]

Originally Posted by topaz420

If you qualify for this program, you're set, and if you've saved enough to not need this program, you're set.

How are you screwed?

The catch is this another government program funded on the backs of the taxpayer and leads to more government dependency. Let's say after 2 years the recipient needs to move due to work, family, illness, whatever. Now they are on the hook to the government for the 60% left in addition to any other debts they have.

Some of us pay taxes, too.