FHA Borrowers Can Use The 8000 Tax Credit As Additional Down Payment
Posted 06/04/2009 - 19:01 by Emily Schuyler
Last month, the government announced that it would allow the first-time home buyers to use the tax credit towards the down payment of purchasing a home, than the next day they took it away and now it's back! For those first-time home buyers who are qualified for a FHA (Federal Housing Administration) insured loan, HUD has recently announced it will allow the tax credit once again. Although the credit cannot be used towards the minimum down payment of 3.5%, under the new guidelines, home buyers may apply for it to be used as an additional down payment or towards other closing costs. So, the borrower must still provide the initial 3.5% from acceptable sources. The tax credit can only be monetized by HUD approved state Housing Finance Agencies and non-profits. According to HUD's news release, "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." This allows the borrower to use the funds immediately towards an additional down payment or towards other closing costs.
Click here for more information!
-Emily Schuyler
Smart Click Realty
DRE# 01768964
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ohh, its really a great time to buy a dream home for every person in U.S. government offers you to buy home and use of cerdit taxes, only some down payments and get home loan form the government. so you can immediately buy yours home and enjoy such a great offer but you should have a full information about real estate and that you will know by Palm Desert Realtor true and correct.
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The tax credit can only be monetized by HUD approved state Housing Finance Agencies and non-profits.
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This is really great news for home buyers, now if you are making a down payment of say $42,000 it will mean you can actually claim a down payment of 50 grands.
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It's so funny how people think they know everything. I learn everyday that I know less and less than I thought I did, thank God for the lesson, and keep living life.
"Hmmm....you can now buy a home without putting up any money. Sounds like what got us into this mess."
My friend, what you don't see or understand is there are honest people out there in this country who are a product of the poor economy and the irresponsible companies that created it. During the dot com crash and Sept. 11th, I was laid off 3 times and sometimes went months in between desperately looking for jobs while working minimum wage to feed my wife and kids.
I have never owned property because of this run of bad luck that prevented my wife and I from even getting started, let alone getting back on our feet. I kept pushing until I found a steady job. But, it was difficult with looming bad credit and a tight income to even think of a 3.5% down payment.
I am happy to say that we are no longer stuck in $1500/month leases from the only real estate you can find out here, and that we are now closing on a home that will put us at $1200/month in a much more energy-efficient and healthy home BECAUSE of the $8,000 from the government. $300 a month means infinitely less stress for this hard working American, and the possibility that I can give up the second part-time job I work in addition to my full-time day job. I work at payday cash loans JSC - so, i know a lot "happy" stories about it.
I don't agree with everything Obama says, but I can tell you this: the $8,000 tax credit is a start in the right direction to turning the economy around, and comes as a blessing for thousands of Americans like me who have wondered how and why all of their hard work could never amount to the "American Dream".
Thanks for sharing this.
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We only have 180 days left to use this amazing tax credit! If you are looking to buy a deal during this market you need to call your realtor now.