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USDA Rural Housing Home Loans |
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$8,000 Home Buyer Tax Credit Information
The new home buyer tax credit is $8,000, and DOES NOT have to be repaid, and is refundable, meaning that you get all $8,000. The income cut-offs for the credit are: $150,000 for a couple and $75,000 for a single filer. You have to be a homebuyer that hasn't owned a home in the last three years.
The amount of the credit remains 10% of the purchase price of a principal residence of a taxpayer who has not owned a U.S. principal residence in the previous three years. Recapture still applies if the taxpayer disposes of the home or no longer uses it as a principal residence within three years after purchase.
To determining if a property is located within a Rural Development designated area, visit: USDA Income and Property Eligibility Site
Tim's Citywide Team listens carefully to your needs, and then helps select the best available loan. We’ll guide you through the loan process and guarantee complete satisfaction. Live the American dream. Call a Tim's Citywide Team Specialist today to help make your dreams come true.
Rural Housing loans work great when buying a primary residence in cities like Hudson, WI or Red Wing, MN. Buying a home in a smaller community with low rates and no down payment just got easier.
Here’s Why a USDA Rural Housing Loans Makes Great Sense!
- Perfect for communities outside a metro area
- No down payment required
- No monthly mortgage insurance required
- No cash reserves required
- No seller contribution limit
- No prepayment penalty
- Loan up to 102% of appraised value (not the lesser of Sale Price or Appraisal Value)
- Loan can include closing costs and prepaids above appraised value
- No maximum loan amount (Maximum loan based on repayment ability)
- No first-time homebuyer requirement
- New and existing homes
- Fully amortized 30-year fixed rate loan
- No minimum credit score required (Common sense underwriting allowed)
- No minimum cash contribution required from borrower
- 100% gifted closing cost or down payment assistance permitted
- Non-traditional credit may substitute for lack of traditional credit history
- No derogatory credit explanations required when credit score is 620 or above
- Rent is not verified with FICO of 620 or more
- Competitive rates
- Credit history must indicate a reasonable willingness to meet obligations when due
- Streamlined credit approval when primary applicant has a middle credit score at 620 or above
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