SALES CENTER
929 Portland Ave, #2001
Minneapolis, MN 55404
Open 12pm to 5pm
7 days a week

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September 08 FHA Approval and Tax Credit »

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FHA Approval and Tax Credit

If you thought you couldn't buy a home, think again.

Skyscape is the only NEW downtown high rise FHA- and Freddie Mac-approved. These programs are not available at Bridgewater, the Carlyle, Phoenix or Zenith.

Qualifying buyers only need a 3% down payment**
As little as 1% down when you combine FHA loans with CityLiving, a City of Minneapolis program
Down payment and closing costs can be gifted

Skyscape
Break for Buyers

Qualification is also easier:

Individual without any income can purchase with a co-signer.
Student loans deferred for 12 months don't count as debt payments.
Spousal support can be subtracted from income before calculating income rather than treating it as a debt.
A borrower can purchase after chapter 7 has been discharged for two years or while in the midst of Chapter 13 bankruptcy with 12 months of on time payments and permission from the bankruptcy court.

Tax Credit FOR BUYERS

A new federal home buying incentive has made it easier than ever to become an homeowner by giving first-time buyers a tax credit of up to $7500*.

With a tax credit, you subtract the credit amount from your total income tax owed. So if you owe $1,500 and you qualify for the credit, you would end up getting a $6,000 refund. Like an interest free loan the tax credit is then repaid in equal installments over 15 years.
The tax credit expires soon so act now to get the tax credit on your next tax return.

* Consult your tax advisors for details regarding income limits and other conditions for the federal housing tax credit.
** This is not an offer for specific FHA financing terms. Qualification and terms may vary. Please consult your lender for details.

Now is the perfect time to buy at Skyscape.