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Answers (8)
- Ricky Beach, "rickybeach"
- Contributions:46
To my knowledge the $8,000 tax credit(not paid back) can only be taken once the property has been purchased. So you would already have paid your down and closing costs before receiving the deduction. There was a $7,500 tax credit(that has to be paid back) from April 1, 2008 through December 31, 2008 that is to be taken on 2008 returns. For more information contact an IRS agent, CPA, or http://www.federalhousingtaxcredit.com/2009/home2.html.
- prici
- Contributions:7
nvchaz,
I was told that you have to piggy back the 9% loan on the first mortgage loan, which is currently 7.25%. Maybe I was misinformed, but that is a much higher rate than what is out there and could add up to hudreds extra on the mortgage payment each month. My opinion is it would not be worth getting the $8000 extra if you're going to be paying triple or quadruple that in interest over the years on the first loan.
- prici
- Contributions:7
So I called the IRS to get the info on this. I was told by an agent that you cannot take the credit because on the form to get the credit, you have to list the address and the date you moved in. I don't know how far they will go to verify the info, but they are the Internal Revenue Service. Thought this would help others with this question.
- prici
- Contributions:7
Also, isn't the Nevada bond rates higher than most other interest rates?
- prici
- Contributions:7
Regarding the $8000 first time home buyers credit, how come it cannot be claimed on 2008 taxes? I was reading on line, including the IRS website and it says it can be claimed on the current taxes. Couldn't this be used as a down payment?
- Joshua Talayka, "Josh Talayka"
- Contributions:40
There are several down payment assistance programs/100% loans out there. There's the Nevada Housing Bond, Nevada Rural Housing, USDA Rural Housing, etc. Though what is available depends on the location you are looking to buy in.
Sure there are! For homebuying programs, go to http://www.hud.gov/buying/localbuying.cfm, then click on your state, then look for "Buying a Home." Under "Buying a Home," click on "assistance programs" - resources and programs to help you buy and maintain your home. If will take you to the list of programs that are currently available for first-time homebuyers in your state.
- Ricky Beach, "rickybeach"
- Contributions:46
VA or Nevada Rural. FHA is 3.5% down. Plus first time homebuyers get the $8,000 tax break on next years return.
Are there any reputable down payment programs/loans still available?
Are there still any programs/loans that assist with downpayment costs? I know they did away with the programs such as the Nehemiah Project, but there has to be some other assistance for first-home buyers.
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