First Time Buyers can use 8k tax credit for down payment
First Time Buyers, Random Thoughts
June 2nd, 2009
Great news for First Time Home Buyers. You can now use the $8,000 tax credit towards your home purchase! ”Today’s announcement details FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Read entire HUD news release
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