It's Never Too Early to Buy Your First Home and Now Get The Tax Credit

Your dream home may be closer than you think. Choose a 3 1/2% down loan from Gateway Capital to turn your dreams into reality. Our goal is to bring home ownership opportunities with the lowest rates to neighborhoods across the country, including yours.

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

Make Your Dreams Come True

With a 3 1/2% loan, your ability to make monthly payments determines the loan amount you qualify for, instead of how much money you've saved. For most, this means qualifying for a larger loan.

Don't Wait. Apply Today For A 3 1/2% Down Payment Loan

Low down-payment programs have decreased the time it takes to purchase your first home. Gateway Capital offers many programs to serve your specific community, so apply today to lock in the lowest rate and fee combination.