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Can I turn the $8000.00 tax credit in to a down payment?

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digem41

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It was mention on the new that they may be a increase in the tax credit if so would it be extended out beyoud the December 1,09 deadlne and if not if you've already purchased your home with the the guideline date will you be able to claim the additional tax credit?
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June 25 - US
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Johnny James, "johnnyloans1"

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yes, if they make changes they will accomodate those who alreay made the move.
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September 13
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Brian Patnode, "Brian Patnode"

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The federal government has approved that, unfortunately the two major financial companies Fanny Mae & Freddie Mac have deemed the that too risky for them. Apparently financing government money as downpayment makes the vested interest by the subject buyer too risky and therefore would create a less serious buyer. "put your money where your mouth is", besides, there are many guideline restrictions on gifting equity.
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September 10
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NTETS, "Caveat Emptor"

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if you have purchased and congress passes a new tax credit with changes over the old one, it is likely to sunset the last one, therefore you could only claim the bribe you were actually promised.
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1 Yes

September 01
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Jeffrey Rainwater, "jrainwater"

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Technically yes. Practically no. You're best just getting it next year and honestly, I wouldn't use the credit as a reason to buy. The competition is heavy for buyers right now. You'd almost probably come out better waiting until it ends and taking advantange of the huge price drop that will occur at that point. It might save you more than the $8000 anyway.
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1 Yes

August 31
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Mike Harrison, "mikeharrison"

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If you ask the federal government the answer is yes, but the restrictions that where set are way too strict.

You can find a detailed answer in this article.
$8000 for down payment?
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July 17
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Washington Housing Advocates, "Arnold Camps"

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There are some state that provide the $8,000 tax credit as a down payment as a bridge loan.

I recommend you research your state finance housing commission.

Good luck 
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June 25
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gtat

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Ignore my earlier answer -- the rules keep changing.

Consult a mortgage broker.
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June 25
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gtat

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No, the federal new home purchase incentive can not be used for down payment. 

In MO, the state has a program offerring 0% interest swing loans up to 80% of qualifying federal incentive for use as a down payment.
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June 25
 

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