Lehigh Valley Real Estate - Tips 4 Homeowners, Buyers & Agents

Buying Lehigh Valley Real Estate and using the $8000.00 First Time Home Buyer Tax Credit - How can you use it? Who Qualifies? FAQ's? Current and Updated information as of 8-31-09.

Key BASIC Points to the Program made easy

1) As of 8-31-09 The $8000.00 Tax Credit is For Anyone who has not owned a home in the last 3 years.

2) There are income requirements. Basics: If you are single you can not make more than $75,000.00 per year.  Married then you can not make more than $150,000.00 per year.  (if you are over these limits you may still qualify for a portion of the credit)

3) How do you get the money? Basics: You send in your tax return claiming you purchased a home and they will send you 10% of the purchase price of the home you purchase with a limit of $8000.00.  Example: you purchase $75,000.00 home you get 10% = $7,500.00 You purchase $200,000.00 Home you get $8,000.00.

4) Can you get the money to help you with your closing costs? The ONLY way to do this in PA is to work with PHFA and qualify for a first loan and they have a program for getting you $5000.00 for a pre-owned home and $6000.00 for a new home. PHFA Program Details

5) What is the current deadline to use this program to purchase a home? November 30, 2009

6) Does this money have to get paid back? Well, not if you own the home for over 3 y ears.  If you sell the home before the 3 year deadline...yeah, you will need to pay back the money.

7) How do you get the money before sending in your taxes next year? You can send in an amended tax return from this year and get your tax credit within 60 days.

8) What can you use the money for? You can use the money for what ever you want! There are no restrictions.

Other Detailed Resources about $8000.00 Tax Credit (unknown if this information is updated on a regular basis)
National Association of Home Builders
Direct from the IRS Website

More Information & Helpful Links

Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist
Home Modification Loans for the Permanently Disabled

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - $8000 First Time Home Buyer Tax Credit made easy *

Lehigh Valley Down Payment & Closing Cost Assistance Programs available to home buyers in Lehigh and Northampton Counties.  What is available and How do you get information on these programs?

Okay, Let's just  be honest here.  Whenever something is coming from any government either local, state, or national...things are always confusing and always seems to be almost impossible to get help with.  But, don't give up!


Let's be honest.  These programs always have much more work involved and pays less money in the end.  So, Just a warning...if you think you are going to try and find someone else to help you with our Local and State programs...good luck because you will find out exactly what I did when I was trying to find local Real Estate Professionals to join be in helping you with these programs....All you have to ask is- Do you work with HOOP or PHFA? Most of them will have one excuse after another as to why they don't work with the program and tell you that programs are not good...but the real truth is they do not want to do what it takes to help consumers with these programs because they are not interested in working hard for your referral business and only interested in what they can get paid by helping client's with the "easy loan programs".

So, let's get to it! There are Lehigh County and Northampton County Down payment and closing cost a
ssistance programs.  You must qualify for these programs and there are very strict rules when it comes to what is required.  But, HEY! Nno one said buying a home is easy and this is a reason why you should have the full guidence of a Buyer Agent Services to help you every step of the way.  Okay, so...How does a Buyer Agent Get Paid?

Here, Let me explain the  Basics of our Local HOOP Program for Lehigh and Northampton Counties and our PA State Programs available.

Complete Details are available for HOOP on my website on the Buyer Only Tab.

More Information & Helpful Links
8000 Tax Credit Basics and Links to help
Local Down Payment & Closing Cost Information - HOOP

PA State Down Payment & Closing Cost Information - PHFA
PHFA Home Modification Loans for the Permanently Disabled
Get Help with Closing Costs with Seller's Assist

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Down Payment & Closing Cost Assistance Programs - HOOP & PHFA*

Lehigh Valley Real Estate - Loans available to help home buyers and/or families with permanent disabled family members living in the household - Loans available from $1,000 to $10,000.00

Yes, that is right there are loans available through the State of PA to help you and your family purchase a new or pre-owned home and give you assistance with modifications need for the person in your family with a permanent disability.  Home modifications should be designed to meet the needs of the person with the physical disability who will be residing in the home.

Eligible modifications items may include, but not limited to, bathroom modifications, installation of grab bars and harddrails, kitchen modifications, lifting devices; main level bathroom addition, ramp addition or repair, sidewalk addition or repair, and widening doorways or hallways.

The Access Home Modification Program through PHFA provides provides a deferred payment loan, with no interest, and no monthly payment.  The loan becomes due and payable upon payoff of the first mortgage, sale, transfer, refinance, or non-owner occupancy of the property.

WOW! Now that is some awesome information for those with family members with permanent disabilities. View a Few Video's of PA consumers this program has helped already.

More Information & Helpful Links
Lehigh Valley Down Payment & Closings cost Basics HOOP & PHFA
Local Down Payment & Closing Cost Information - HOOP
PA State Down Payment & Closing Cost Information - PHFA
Getting Help with Closing Costs with Seller's Assist

8000 First Time Home Buyer Tax Credit

Copyright © 2009 Moriah Martin RE/MAX real estate All Rights Reserved *Lehigh Valley Real Estate - Home Modification Loans for the Permanently Disabled*

Hello!  Thank you for visiting my blog! Recent Update 1-7-09: updated my video below.

This information is pertaining to helping Home Buyer's in Lehigh & Northampton Counties in PA only.

SELLER'S ASSIST! Very confusing in deed! BUT, the best thing since sliced bread when you need money to purchase a home. We are currently in a "Buyer's Market" which means that there are more homes on the market than buyer's and this is really good for the buyer.

In my experience, It has always been hard for the average person to come up with a 20% down payment and 6% closing costs to purchase a home.  IN MY EXPERIENCE It is VERY VERY rare that buyer's have a huge bank account with all kinds of savings...and loads of money to put down! 

So, again....maybe...there are Lot's of people like that in the Lehigh Valley area...but, I can only tell you on average about the buyer's I work with...I would say it is less than 25% of the Buyer's that I have worked with in the passed 10 years that have the "perfect" financial picture with loads of money that I helped purchase a home.

So, Seller's Assist has helped close to 50% of the people I have helped purchase a home in the Lehigh Valley Area...It is a useful tool...so, check out my video below and learn just a bit more.

Other online Resources to provide help in down payment and closing costs.

PA State Programs

Local Lehigh & Northampton County Information

Other online Home Buying Video Tutorials

I hope this information has helped you!

PLEASE REPORT TYPOS! comments and suggestions are welcomed and appreciated.

Lehigh Valley Real Estate Down payment and Closing Costs Assistance.  Looking at all your options available with thinking about buying a Lehigh Valley Home and Getting  Lehigh Valley Mortgage.

PHFA = Pennsylvania Housing Finance Agency 211 North Front Street, Harrisburg, PA 17105 1-800-822-1174

What & Who is PHFA? Well, in their words....

"The Pennsylvania Housing Finance Agency is the Commonwealth's leading provider of capital for affordable homes and apartments. Created to help enhance the quality and supply of affordable homes and apartments for older adults, persons of modest means, and persons with disabilities, the Agency operates homeownership programs, rental housing development initiatives, and a foreclosure prevention effort."

This is one of the biggest best kept secrets in helping people become homeowners!  There are of course certain qualifications you must meet to become eligible for the many programs they have available.  But, it is certainly work your review to see if one of these programs might fit your needs.  You will need to work with a Mortgage Broker who has been trained by the state and is certified to provide these programs to you.  Melissa at Allied Home Mortgage is trained and certified to help you with all the details of all of these programs.

Here is a list of the programs currently available, a brief description and links to the PHFA page for more information.

Home Purchase Programs

1)      Keystone Home Loan Program: You are not a First Time Home Buyer and you meet all 6 qualifications of this program, this program may fit you.

2)      Keystone Home Loan PLUS Programs: All Adults who intend to live in the home for the first 12 months are first time homebuyers and you meet all 6 conditions from the Keystone Home Loan Program above, this program may fit you.

3)      Purchase Improvement Program:  Purchase Improvement Program: PHFA's Purchase Improvement loan allows buyers who qualify for a Keystone Home Loan or a Keystone Home Loan PLUS to purchase and improve/repair a home within one transaction. Eligible buyers may include between $1,000 and $15,000 for repairs and/or improvements with a conventional PHFA first mortgage, as long as the As Completed appraised value supports the cost of the repairs. This allows the buyer to make needed repairs right away, without having to take out another loan at a higher rate and with a shorter repayment period.

Assistance Loans

1)      Keystone PLUS Assistance Program: If you meet the four conditions of the Keystone Home Loan PLUS Program, you may be eligible to receive a zero-interest loan of up to $2,000 in assistance to help with the costs associated with the home purchase.

2)      HOMEstead Downpayment and Closing Cost Assistance Loan: Homebuyers eligible for the HOMEstead program may qualify for up to $20,000 in downpayment and closing cost assistance in the form of a no-interest, second mortgage loan.

3)      Special Programs for Persons with Disabilities: PHFA offers an additional home loan program to buyers with disabilities or those with a disabled household member under the Fannie Mae Community HomeChoice^TM Loan. Buyers with a disability or a disabled household member who are eligible for one of these three home loan programs may also be eligible to receive funds to make access modifications to the home they buy. Closing cost and downpayment assistance loans are also available.

4)      Renovate & Repair Loan Program: The purpose of the Keystone Renovate & Repair Loan Program (R&R loan) is to help:

• Prevent homeowners from becoming victims of unscrupulous lending practices (i.e., high interest rates and costs, more money borrowed than needed, pre-payment penalties, etc.).
• Homeowners prioritize their home repair spending so that the work that they get done is what their home really needs.
• Improve Pennsylvania's aging housing stock for its current residents and future generations

5)      REfinance to an Affordable Loan Program (REAL): Is your adjustable rate or interest-only mortgage about to explode? Are you at risk of losing your home unless you can refinance to more affordable terms? If so, the REAL program may be your answer!

NOW THIS IS NOT EVERYTHING YOU NEED TO KNOW BY THE VERY LEAST BUT A BRIEF INTRODUCTION TO WHAT IS AVAILABLE.

Local Lehigh Valley Down payment and Closing Cost Assistance

I hope this information was helpful!

PLEASE REPORT TYPOS

There are a few options for Buyer's in Lehigh & Northampton County.  I believe this is the best kept secret in the Lehigh Valley Area when it comes to helping buyer's with purchasing a home.  Currently there is little marketing for this program, in my opinion and the requirements you must meet to participate with the programs are worth checking out.

    HOOP Program = HomeOwnership Outreach Program - Local Lehigh Valley Program

This Program is offered by the Neighborhood Housing Services of the Lehigh Valley, Inc.  239 North 10^thStreet Allentown, PA 18102 610-437-4571 ATT: Rosa Gomez Home outreach Coordinator.

Lehigh County Area Program Features: Without getting too detailed. Depending on your income and family size, they will help subsidize down payment and closings costs for purchasing homes in Lehigh County (Schnecksville, Egypt, Coplay, Catasauqua, Fountain Hill, Coopersburg, Whitehall, Emmaus, Trexlertown, Macungie, Alburtis, Wescosville, Fogelsville, Salisbury, Slatington etc.)  Properties in the cities of Allentown and Bethlehem are not eligible for this program.  Lending Institutions must provide 95% of the purchase price.  The HOOP program will provide the remaining 5%, plus all the closing costs at 0% interest, with the exception of private mortgage insurance and no more than one point.  The HOOP loan will be 100% forgiven after 5 years of ownership occupancy!  THERE ARE OTHER QUALIFICATIONS FOR THIS PROGRAM. Please contact me if you would like to get pre-qualified for this program or would like my guidance in purchasing your future home.

Allentown, Bethlehem, Easton and Northampton County Program Features:Without getting too detailed.  Depending on your income and family size, they will help subsidize down payment and closing costs for purchasing a home in the City of Allentown, City of Bethlehem, The City of Easton and Northampton County.    Lending institutions will provide 90% of the financing.  The HOOP program will provide the remaining 10% plus closings costs. The HOOP loan will have an interest rate of 3% with a max term of 30 yrs.  Upon sale of the property, the balance of the HOOP loan and any interest and late charges accrued must be paid to HOOP.  The HOOP funds will be secured as a second lien mortgage.  THERE ARE OTHER QUALIFICATIONS FOR THIS PROGRAM.

Lehigh & Northampton Over 80% (higher Income Limits) Program Features:Without getting too detailed.  Depending on your income and family size, they will help subsidize down payment and closing costs for purchasing homes in the cities of Allentown, Bethlehem, Easton and the counties of Lehigh & Northampton. You must get a loan from a lender for 95%, qualified applicants are eligible to receive 5% loans for the remaining 5% of the purchase price plus closing costs.  The loans will have a max term of 30 yrs and will be secured as a second lien mortgage.  Upon sale of the property, the balance of the loan and any interest and late charges accrued must be paid to HOOP.  THERE ARE OTHER QUALIFICATIONS FOR THIS PROGRAM. Please contact me if you would like to get pre-qualified for this program or would like my guidance in purchasing your future home.

MORE BLOGS COMING: - UPDATED: 10-17-08 They are here! Click below!

1) PA State Programs

2) The First 5 Steps in Buying a Home.

3) The Just Looking Stage

4) Does Anyone have Morals & Values in Real Estate?

5) Lehigh Valley MLS - The only Interactive Home Search

I hope this information was helpful!

PLEASE REPORT TYPOS