The government is handing out money as a long term loan. Take advantage of this!!!
The Housing and Economic Recovery Act of 2008 produced the 7500 tax credit for First Time Homebuyers. In this case, to be eligible for the tax credit, a first time homebuyer is defined as : someone who had not owned a home from July 2, 2005, through July 1, 2008. In order to become eligible, you have to buy your home after April 8, 2008, and before July 1, 2009. I will go over some of the other guidelines later.
When it comes to buying a home, you can't borrower money to use as a down payment or for closing costs. And you can get county or state assistance under certain programs or grants, to use for your new home purchase. But when it comes to FHA loans, you can actually get 100% gift monies from a relative. It's called a gift because HUD doesn't want the burden of you having to pay back a loan after buying a new home. Hence why this 7500 tax credit is still a great way to help you get into a new home prior to July 1, 2009. And you can still get up to 6% seller help even if you were to get a 100% gift from a family member.
So, how does this tax credit work? Please read below for some details :
- The maximum tax credit is $7,500 for either a single taxpayer or a married couple filing jointly. It is 10% of the purchase price. So in order to get the maximum credit, the purchase price must be $75,000 or more.
- This credit is an interest free loan and the credit must be repaid over a 15 year period. This loan must be paid back by including one-fifteenth of the amount credited, or $500, as an additional tax on their 2010 return.
- There are income restrictions which can range from $150,000 to $170,000 for a joint return or from $75,000 to $95,000 for a single return. There are other factors involved when determining the actual income restrictions.
- This credit can't be used if you are buying a home from a close relative, which is to include a spouse, a grandparent, child, or even a grandchild.
- You can only use this tax credit for your primary home, not for a second home or an investment property.
There are some other restrictions, examples, and explanations to how this tax credit can work. For more information, please read : Tax Credit for First Time Homebuyers
An example of how this tax credit could work :
If you were to receive a $2,000 refund when filing your return, and you were eligible for an additional $7,500 if you choose to receive this credit, this means that your refund will now be $9,500 instead. On the flip side of things, if you were to owe $2,000, you would actually get back $5,500 instead of owing money.
One thing to keep in mind.... you can use this money for anything. How could you use this money?
- You could use it to repay other loans or debts.
- To invest in the market or CD's.
- To buy another property such as an investment property. But you would need to understand the seasoning requirements when putting this kind of money into your bank account.
- Use the money to fix up your new home that you just bought.
- To start a business.... to help a business grow.
- And as mentioned, FHA loans allow for 100% gift monies from a relative. Maybe you could thank them later on and give them the money back down the road. I know I wouldn't want this hanging over my head. As of January 1st, 2009, when buying a home with a FHA mortgage, you now need 3 1/2 percent down of your own money (gift monies allowed).
Feature blog : How to use the tax credit before you even get it !!!!
Lastly, talk to your tax accountant when it comes to the specifics of this tax credit and in regards to gifts and what is allowed before being taxed.
Update as of March 28th, 2009 - 2009 first time homebuyers tax credit
Happy house hunting. For a creative way to help you finance your new home, please don't hesitate to contact me. There are so many options out there and you need a creative loan officer that knows more than just the basics.
- FHA Loans - USDA Loans - Conventional Loans - VA Loans - Experience & Knowledge at its BEST !!!
________________________________________________________________________________________
For more information on FHA loans, please go to this link. : The FHA Expert
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags
Copyright © 2008 by Jeff Belonger
Lots of good information, Jeff, and some that we should be sharing with prospective home buyers. Thanks much!
Thanks for the detailed information. Buyers are facing a more difficult time obtaining loans. This may be a great way to increase the closed transactions.
Best Wishes and
MARGARET....... . we need to use every tool at our exposal. Most importantly, to educate the consumer on what is out there. I just love educating people on this kind of stuff and to add a creative twist on financing.
EDWARD & CELIA...... . my pleasure. Yes, it will be more difficult and even though we are paying for this one way or another, this could help for the short term and or long term. It could help purchase foreclosures, which will be costing us a lot down the road. Expecially if the gov't keep trying these quick fixes...
Great information. I plan to share as well with both sellers and buyers. A good tool for open houses. thanks,
Your practical and creative input is basically never-ending, you know? Thank you for the help - gotta get this economy healthy by helping others!
Thanks Jeff! Wishing you a wonderful, fun, and productive 2009! Great post.
This is a great help for many home buyers. I need to feature it more.
Get busy Lenn
O.K.
REBECCA.... . I think that's a great idea, putting this out at listings for buyers at open houses. That is a creative tool.
DAWN.... . thank you very much. And I agree, we need to jump start this economy, but we also need to be careful on how we do it. thanks
JULIANNA..... . my pleasure and thanks for the compliment. And here is to a great 2009 also...
LENN.... . you are a trip. Yea, get busy... seriously though, I agree... I should have been advertising this a lot more before. How can you go wrong if you use it the way I suggested.. thanks and to a great 2009.
Jeff - I have told several home buyers about it. My only concern has been that they "remember" that it has to be paid back. You know how sometimes they only hear what they want to.
I thought I read in the paper the other day that someone had proposed, as part of the "bailout", that they NOT have to pay it back. Do you know anything about this?
Dear Jeff,
A New Year's kiss to you! Brilliant!
It has been so long since I did an FHA, or for that matter, any "normal" loan, I have forgotten so many things!
Thanks,
Barbara
You have made my day! I'm checking into the 1st time home buyer tax credit for my client tomorrow. Thank you!
Jeff, nice update on the FHA market in terms of the changes and the huge benefit of the tax credit. I think all of these things will help nationwide turn the market around.
Jeff, we need everyone to beat this drum. It is amazing that the press continues to avoid talking about the bes first time home buyer opportunity in the last decade.
CONNIE..... . yes, but even paying it back doesn't come out to much. The worse case is that they have to pay back $500 a year for 15 years if they end up taking the full tax credit. Hey, that is a very cheap price in my opinion. That is $41.67 a month.
In regards to what you read in the paper..... I have not heard that and in my honest opinion, that would be very, very, very foolish to not have anyone pay this back. That would be a poor decision on our gov'ts part,... just my .02.
BARBARA.... . cool, a New Years kiss... ;o) I didn't get one last night. lol Seriously, if you need any help down your way, I can do loans in Virginia also. There are so many ways to be creative, yet doing it legal also.
KENT..... . my pleasure.... I hope it helps them move forward, realizing that they will have some extra money sometime soon after they do their taxes, after they buy a home.
CHRISTOPHER & STEPHANIE.... . I think it's a very good thing, if used... but I don't think it will change the market around. This has been out for almost a half year and even though business has picked up a tad, the consumer is scared and the economy isn't any better. Not trying to be negative.... just realistic. I just think that we need to make people aware of this as they ask questions and want to see if buying a home will be a good choice. thanks
FRED.... . that is an excellent point. I wonder why the media doesn't talk about this... thanks for bringing this up, because I am now going to send this to several different media outlets. Hey, it can't hurt. thanks again.
Thats a great idea and application of the law.
I wonder how many people will use the tax credit.
A gift is a gift and a loan is a loan. If you tell people to say a loan is a gift it is called bank fraud. I know no one wants to hear this but it is true. As an agent or a mortgage broker if you encourage this you are breaking the law. As a loan officer you are held to a higher standard and may be penalized more than the actual borrower. By the way FHA allows for a unsecured loan as well as a gift from a family member.
I have had a couple of buyers who asked me about this. Most people don't want a loan - they want a gift. I have not had anyone actually try for this because THDA, though a frustrating experience, will still give a gift to first time buyers.
This loan has given pause for thought, though. I personally like the idea of the tax deduction!!!
Thanks for the post, congrats on the feature and Happy New Year to You Jeff!!!
One of the MANY ways to get down payment monies. And a very good one at that.... a 15yr interest free loan!!!
TODD.... . thank you... I don't think Wayne, below, agrees though.
RUSS.... . I think if we make more people aware of this, more people would use it... or buy a home. Why not? It's so cheap. As I broke it down for someone, that is about $42 a month that you need to pay back for 15 years.
WAYNE..... . very good and I was waiting for someone to come on here and say that. Hence why you didn't sign in? And if you read my blog again, I even explained this. And just a FYI, even though your definitions are correct, it is a very loose guideline. You can't tell me nobody has ever thought of that? HUD even knows this. Do you think people get all gifts from relatives? Do you think they pay anyone back? Just food for thought. Besides, you can borrower money from your parents or the seller as 2nd lien, which needs to be done legally with a note and mortgage.... and has a payment and is calculated into the debt rations.
Hey, I have no problem with being held to a higher standard, but let's talk about seller funded DPA's. VOR's.... sorry if this sounds harsh and you can go blow your whistle all you want, but I do watch for fraud. To me, your comment tells me that you just like making people look bad. Again, read my blog.... I don't tell people to commit fraud. All I said is that I wouldn't want owing my parents to be held over my head, that's all. And ps.... I know FHA allows for unsecured loans and gifts from family members... but giving details on here would confuse the average person. But wait, I mentioned FHA and gifts several times. So what's your point?
EMILY..... . well, in all honesty, those people that can't figure out that this is so cheap, and they want it all... they shouldn't be buying then. Just my honest opinion. By the way, what is THDA? And again, pausing with thought? When it's only $42 a month to pay this back, down the road..??? CHEAP... In any case, thanks for the compliment and Happy New Year to you to...
TOM.... . I know that you are a very ethical loan officer, we talk often. What do you honestly think of Wayne's comment? And yes, an incredible way to get money very cheaply.
Jeff - This is an excellent point, and I have one client who may do just that. I explained to them that they need to move in the next six months, but they were saving for a small down payment (great credit already). Thanks for the idea!
Jeff-First, let me say "Happy New Year!" Love, love love this post. You make all of the lender "jargon" so easy to understand for buyers! I think the tax credit is fabulous for the first time buyers. I'm going to reblog this if you don't mind:)
Thanks Jeff - I never thought of telling buyers to use the money to pay down other debt or use it for things other than the home....I like your "out of the box" ideas. Creativity can go a long way to comfort the nervous buyers. So you could say that buying a home in today's market could put them in a better financial situation.
JASON.... . well,here is a better way to say, hey save now, and pay yourself back very quickly. I hope this helps them look at some more creative ways.... thanks for the compliment.
ELIZABETH.... . thanks, thanks for the kind words... and I am glad that it's easy to understand. And yes, I think think this tax credit idea is awesome also.... and no, I don't mind you reblogging this. thanks
DIANE.... . I love thinking out of the box. And you would have thought more people would have been passing this information along, to possibly help others think about buying a home. I truly agree, with this and low rates, this is one of the best times to buy a home, especially with values down in many areas also. thanks
Jeff, at last an explanation of the tax credit that even I can understand!
But the one goofy thing is when you look at the first time buyer definition:
a first time homebuyer is defined as : someone who had not owned a home from July 2, 2005, through July 1, 2008. In order to become eligible, you have to buy your home after April 8, 2008, and before July 1, 2009. I will go over some of the other guidelines later.
This kind of sloppy drafting makes me crazy! Shouldn't it just be they cannot have owned a home prior to July 2, 2005? Geez! I know you didn't draft it.
And to Mr. Wayne - I actually have a brother and sister in law who paid back a gift to my dad who wanted to help them buy their first place. My brother was afraid of fairness issues with the estate and other siblings.
Jeff, Happy New Year and Congratulations on a wonderful feature. I'm sure this is going to benefit many people....your posts always do!
This is a great post about the first time buyers' credit and creative ways to make use of it to get into a home.
Jeff, the changes are keeping my head spinning. I'm actually working with some first time buyers as we speak and I think they may fall right into this catagory. Thank you for keeping the good stuff in front of us...I get caught up but usually really late!
Happy New Year! Deb
PATRICIA..... . well good, I am glad. Thank god I didn't use Dennis Miller language, right? lol In regards to the first time homebuyer definition, yes, you could say that also. It comes out to the same.
And yes, about Mr. Wayne, I agree with your statement about your brother and what they did. Even though it states it on the gift letter, that it's not a loan, people can still do what they want.... and HUD knows this. Something very easy to get around.... you can call it fraud, but the fraud that I am worry about is way beyond that. Forged W-2's, pay stubs, those loan officers that bait and switch the borrower in rates and or fees... and so much more. thanks
CAROLE..... . I hope it does benefit many. But we first need to get this information out to the public. I wonder how many even know about this? And the pros and cons or what is not allowed. thanks
CHRISTINE..... . thank you very much. I hope it helps many to understand the basics... thanks
DEBRA..... . there have been many changes of lately, in the last 6 months. Many of our heads are spinning and writing these just keeps me on my feet more, keeps me on top of my game. thanks
Thanks, Jeff for the update. I'll keep this in mind for FHA buyers!
Join my NEW group for professionals who work from their home office at http://activerain.com/groups/virtualoffice
Regina P. Brown
Jeff, I think the $7500 tax credit (interest free loan) is wonderful for those first time home buyers who purchase a home that need some work or updating.
I do have a question though: The gift giver signs something that states the gift is just that - a gift- and does not have to be repaid.
How does touting the $7500 tax credit as a method of repayment keep within the rule (and spirit of the rule) of the gift of downpayment funds?
Jeff, great post and a great breakdown!
Jeff,
Very helpful--it pepole know more about this program, I'm sure it will be a success.
Thanks for the information. We need all the tools we can get to help our clients. All the best in 2009!
Jeff, Thanks again for an informative, easy to understand update on financing. As others here have said, I think we will be seeing an increase in fha loans so we'd better know what we are talking about. Thanks.
What a great and unique perspective. I'm forwarding it to my entire branch. Great words!!!
Great ideas. I have been a little slow to promote it because I am a little leery of the 'pay back' feature. Could that possibly come back to bite young buyers? That is, cause them to have to PAY taxes in future years? Hopefully not, as most people do get income tax refunds of at least $500.
Sarah in Nashville
REGINA..... . my pleasure.... and in regards to your group, I'll check it out, but I belong to so many already. thanks
KRIS..... . yes, I think it is wonderful and hasn't been talked about much. As someone mentioned, the media hasn't said squat about it.
In regards to the gift with FHA.... yes, the gift letter even statesthat this is not a loan and not to be repaid. Two things... my title was that, to be catchy. It's not to imply anything. And then in my statement in the blog, in the middle, I said that I wouldn't want that gift hanging over my head, so I would use this money to pay my parents back.
Yes, you could interpret any of that as fraud. But here is my personal take on it. I never advise clients to pay the gift back. When they ask, I say that the form says that you aren't and that is up to you... speak to an account or lawyer. Secondly, HUD in my opinion, doesn't want to know if it's a loan for 2 reasons... Most loans have a set payment. Also, a loan, unless it's a 401-k loan, needs to be counted against your debt to income ratio.
I don't think if you were paying mom and dad back that they would want it every month and a set fee. I know some people have paid them back with their tax return money. You could take this a step further.... couldn't you use the tax credit for a FHA money in advance? That would be hard to be precise since nobody would know exactly what you would get back or have to pay. But what about a partial of the average from the last 3 years?
What I am trying to say is that there is fraud and then there is real fraud. HUD would not police this kind of action. The fraud that is scary is those that change W-2's, pay stubs, bank statements... etc etc. What about those that cooked the books, to sell loans in a specific pool of monies, but those loans being sold were actually bad, non-performing loans? This could be very deep. You bring up a good point, but it's not what got us in this mess. What about those loan officers that bait and switch their clients at the end, at closing? PS>.. see my note to Wayne, because you can borrower, but many don't know about this...it just can complicate things.
To answer your last question... because you can do anything that you want with that money.... and because that title was to catch peoples attention. I gave detailed definitions to what a gift is and what a loan is. You just can't police that kind of stuff. I am just calling it like it is.... people just need to know the definitions, they will do what they want at the end anyhow. Overall, I have spoken to 3 loan officers that I respect and each one said it can be a fine line, yet I laid it out there very well. But not everyone will agree. thanks
TIM & PAM.... . thanks and thanks for the compliment.
DIANE..... . I agree, I think the more that know about this program, the more that it could help. And thanks for reblogging this...
YVETTE & DENNIS..... . yes, we need all the tools possibly. And most of all, we need to explain these tools, methods, to everyone. Educating them and making them aware.
BARB..... . we have already seen a large increase in FHA loans. I wonder with the new limits, if it will hurt some. thanks for the comment..
LARRY..... . thank you very much for those kind words. Let me know how you make out with your loan officers on this one. thanks
Jeff, I wasn't blasting you, if you got that imporssion I sincerely apologize. I also didn't bring up fraud. What I did do was ask a question that I'm sure is in buyers agents minds when this is proposed. Thanks for being articulate with your response.
SARAH & JOHN..... . I consider myself to be a numbers guy. How could it come back to bite you? If you break down the worst case scenario of receiving $7,500, that comes out to $41.67 a month, that you would have to pay back. And yes, you would pay back $500 at the time of your tax return. Many people in the lower brackets actually get something back. Even with the homestead rebates and such. Those in the higher tax brackets, and those commissioned, usually pay unless they write off tons of stuff. So by looking at the numbers, I think it's a no brainer, in my opinion. Taking such a large loan for a long time, interest free, and what the payment terms are. Thanks Sarah for the question...
KRIS.... . and I didn't take it as you blasting me. I just wanted to be direct and precise in my comment, which could have been taken as stern. I understood that it was just a question for the purposes of understanding. And personally & professionally, the real estate agents, both listing and selling agents, should not add to this. They should just say that you can get a tax credit if you buy before July 1st, 2009.
Overall, from what ever is proposed, from the agent, it should just be if the buyer can afford the property and get qualified by a reptable loan officer, who can explain all of this in detail. And that they want that property and any thing else that agents do for their clients. thanks
The down payment can be a loan from a linear relative (parent, child or spouse). The family member has to be the noteholder. It can be a 0% loan or a 50% interest rate. It can have a pre-payment penalty or not. It can be repayable on a balloon or amortized or interest only. It can also be a loan from an employer. No need to hide that it will be repaid. It just needs to fit into the borrower's DTI.
thanks for sharing. Great post and lots of good info!
KEN..... . some very excellent information. I wasn't clear on the loan by a relative, but I knew that their employer could gift monies and that there could be a 2nd lien... but as you mentioned, all needs to be calculated within the debt ratios. Hence why HUD doesn't really look into any of this..... thanks for detailing this stuff. I did write about the employer gift in a few blogs, but it just confuses more people.
SHERIE..... . thanks and thanks for the kind words...
Hey Jeff,
Due to the "controversy" your BLOG brought up, (thought it is only from a few), I had to read the whole thing. Very well done. I like the comparisons and contrasting style here.
In order to deal with WAYNE thought and his comment, you really need alot more information from him in order to find out what is driving his hostility and mis-trust. I would love to talk with him directly, as I am sure you would as well. Wayne, you can call me at 608-438-4922. Either we dont have enough information, or you have been severely mislead.
If you can, google an article from the Arizona Daily Star Newspaper, dated Sunday April 24th, 2005. It clearly shows the benefits of a mortgage broker. Moreover, dishonesty and fraud can run JUST as rampant in a bank! Whether it is nationally, regionally, or locally chartered, quite frankly, many of them break the law every single day with their "in house" loans. However, I AM NOT SLAMMING LOCAL SMALL TOWN BANKS! I am merely stating that bad practice is bad practice!
Jeff, point of fact though....you are correct that you cannot borrow money for a down payment or closing costs, but I would have taken that one step further and explain under which conventional programs you can or cannot. For example, I have a 20% down deal closing on Tuesday that is getting a gift for the closing costs. This is perfectly allowable. However, it is a gift from family, instead of a gift from a seller. So, maybe explaining the different TYPES of gifts would be swell!
I only say this because in some of the responses you received (which were tremendous)< it appears alot of people are confused...and as you have said before, blanket statements dont help! Right??
Well done!@ I printed this, and will put in my next newsletter! www.federalhousingtaxcredit.com
I had already sent a breakdown like this to 1000's of customers, but a different perspective like this really helps!
Darin
Reblogged, great info Jeff and you know I am not huge on reblogging :)
Thank you for this blog Jeff. It is very nicely written and contains valuable information we can all share with our clients! I look forward to reading all of your blogs! Here's to a prosperous and happy New Year for us all. :)
Jeff,
Great blog! You make the whole process so easy to understand. Thanks for all you do here in the Rain.
DARIN... . well, not to sound full of myself, but many of my blogs have been stirring up some controversey or negative feedback. But everyone of those that say something negative, can't back it up with proof or guidelines. But some just need to bring you down. If I am not sure of something and it's a fact, I research it first.
In regards to the benefits of a mortgage broker though? Not sure what that has to do with this post. Besides, I am a banker that we use several different investors and we can broker loans. So we could debate that one later... ;o)
In any case, thanks for the kind words and for the support. Good luck to you in 2009.
RENEE.... . thank you very much....and I feel so honored about you reblogging this... seriously, thanks.
GINA.... . thanks... I try to make most of my blogs easy to read. I hate when I read a mortgage related blog and I have no idea what that author is trying to say. I could only imagine what it's like for the consumer then. Thanks again and happy new year.
SAL.... . thank you for those polite compliments and comments... I truly do appreciate that.
Boy Jeff, you started the new year off right!
Great concise and easy to read post on the subject. It's not rocket science and the details shouldn't discourage someone from taking advantage of this "tax credit" to better their situation. Regarding the repayment issue due be aware you can spell it all out in a loan note that states the grantor will be repaid from proceeds of the "tax credit" and any other amount owed (if any) will be gifted to the buyer. That note does not have to recorded as a mortgage or lien and as long as there is no monthly payment there is nothing to add to the buyer's ratios.
That's the best part about HUD/FHA- if you are straight up honest, and it really does make sense, you can usually do it!
Gerry Suarez, Jr.
Your FHA Loan Pro!
Great, educational post on how FTHB can use the tax credit to their advantage.
Hey Jeff,
Here is WAYNES question, and that is what I was addressing.
A gift is a gift and a loan is a loan. If you tell people to say a loan is a gift it is called bank fraud. I know no one wants to hear this but it is true. As an agent or a mortgage broker if you encourage this you are breaking the law. As a loan officer you are held to a higher standard and may be penalized more than the actual borrower. By the way FHA allows for a unsecured loan as well as a gift from a family member.
You are right though, I think your blogs are CHALLENGES, and that is what creates contreversy! The part you are right about, they cannot back it up! You can. Whether I agree or disagree, is irrellevant.
I was just trying to say to dEFINE a gift a little more.
Thanks again for the post!
Darin
GERRY..... . bingo, it's not rocket scientist. HUD spells out everything. As long as we explain it to the borrower, it's all on them then. thanks for the compliment and for the feedback.
JACKIE..... . thank you very much. I actually enjoyed writing this one.... I hope more people realize this and use it to their advantage.
DARIN..... . I know what Waynes question was... and I know if I tell someone one thing, that it's another, that it is fraud. Not sure what you are trying to say. Are you saying that I wasn't specific? Or telling people to commit fraud? Again, just curious...
In regards to defining gift a little more? You can't be any more direct and to the point than to state that you can get a 100% gift from a family member. If they can't understand 100% or gift, not sure what else to say. A loan is something that you borrower... a gift is something given to you... and with HUD, is not to be paid back. In any case, thanks for the compliment...
Great post and update on the tax credit, now just to find some buyers with decent credit.
KEITH.... thanks for the compliment..... I think the tax credit is a great thing and could help so many. Some dislike it, but not sure why. Buyers should jump on this and the low rates. thanks
I was wondering if I bought my house from my Great Aunt if I would still be eligable for the tax credit? Or is that considered to close of a relative?
BLAKE.... as long as you are a first time homebuyer, and you bought it between the dates that I mentioned above, yes, you could... you can also reach me here... jbelonger@ihcmi.com If you have any more questions or that I might be able to help you. thanks, jeff
Thanks Jeff, I just saw something on a website that said if you bought the house from a relative you wouldn't be eligable.
BLAKE.... my bad... I do apologize... I didn't go to bed until 3 am this morning, was up at 7:30 am and still working on clients stuff now. After you thanked me, I said wait... I said, no problem? lol I hate that term from anyone in the mortgage industry. I then went back to do a double take on the issue because I did remember that you couldn't be a relative.
It's all here.... sorry about the misinformation : T500 Tax Credit info So, the previous lender from that other source is correct. Again, sorry about that.
I Believe they are trying to pass legislation now so that the borrowers do not have to pay this back. As it stands currently, this "0 percent interest loan" has to be paid back at the rate of $500 per year for 15 years, via the tax return filings.
WANDA ..... yes, I have heard this. And in my personal and professional opinion, I think that is a huge mistake. Whose printing press for money are we going to use now? I think the ink dried on our last one. Seriously, what do the people want? To pay nothing? Do you know that we will all pay for this down the road. I think this is an excellent program, that is tax free, and only $500 a year for 15 yrs. You can't beat that, yet people are complaining about this. I am extremely disappointed about that. I try my hardest to help people, to educate them, to help them get that mortgage, but I think this is pushing it. thanks
Hey Jeff, if someone used this credit and now wants to refi, does the whole thing have to be paid in full?
Jeff, with the new version of the Package is this Relative issue still in there? Also now owning a house in 3 years, doesn't this mean not buying a house in 3 years? Just want to have my facts right.