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Answers (8)
- Johnny James, "johnnyloans1"
- Contributions:115
yes, if they make changes they will accomodate those who alreay made the move.
- Brian Patnode, "Brian Patnode"
- Contributions:19
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.
- NTETS, "Mr Caveat"
- Contributions:6436
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.
- Jeff Rainwater, "jrainwater"
- Contributions:189
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.
- Mike Harrison, "mikeharrison"
- Contributions:28
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?
You can find a detailed answer in this article.
$8000 for down payment?
- Arnold Camps | Asset Accel, "Arnold Camps"
- Contributions:164
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
I recommend you research your state finance housing commission.
Good luck
- Gary T, "gtca"
- Contributions:36
- Gary T, "gtca"
- Contributions:36
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.
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.
Can I turn the $8000.00 tax credit in to a down payment?
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