8000 tax credit as a down payment: Deadline Approaching for Tax Credit - 09/15/09 04:34 PM
The deadline is approaching for first time home buyers to take advantage of the 2009 1st Time Homebuyer's $8,000 Tax Credit.
The American Recovery and Reinvestment Act of 2009 has an incentive for first-time buyers to purchase a home. The credit is equal to 10 percent of the cost of the home, up to a maximum credit of $8,000.
The tax credit ends on December 1, 2009 and requires that the real estate closing happen by November 30, 2009.
With an "average" loan approval time frame of 45 days, you will want to have a home under contract … (1 comments)

8000 tax credit as a down payment: Tax Credit toward purchase of FHA Home - 06/04/09 01:39 PM
From the FHA Press Release:
"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 … (0 comments)

8000 tax credit as a down payment: First-Time Homebuyer Credit - 06/02/09 11:09 AM
Wondering if you qualify for the First-Time Homebuyer Credit?
Here is a link to the IRS First-Time Homebuyer Credit Form 5405.
From the IRS Form 5405 ...
Who Can Claim the Credit:
In general, you can claim the credit if you are a first-time homebuyer.
You are considered a first-time homebuyer if:
You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.
You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase. … (0 comments)

8000 tax credit as a down payment: First-Time Homebuyer Tax Credit Loan Programs - 05/22/09 03:57 PM
The National Council of State Housing Agencies has additional information on HFA First-Time Homebuyer Tax Credit Loan Programs.
From the website: "The American Recovery and Reinvestment Act of 2009 provided a federal income tax credit for first-time homebuyers of ten percent of the sales price, up to a maximum of $8,000, for the purchase of a new or existing home. The tax credit is available to qualified homebuyers who purchase a home before December 1, 2009.
To help buyers that need down payment and closing cost assistance when purchasing a home with the tax credit, a number of HFAs … (0 comments)

 
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