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Answers (17)
- D. Scott Secor, "D. Scott Secor"
- Contributions:86
In a word ... NO!
There was an early attempt to monetize the $8000 tax credit, but it was beaten down the day after it was "announced".
Any "Lenders" in Utah (or elsewhere) must be attaching conditions to a private loan that will be paid back from the tax credit. H&R Block has been doing that for years!
Any buyer can do the same thing using Mom and Pop's money, just have them "gift" the down payment and repay them when your tax refund arrives. Furthermore, Mom and Dad are less likely to charge confiscatory interest rates on such short term loans.
There was an early attempt to monetize the $8000 tax credit, but it was beaten down the day after it was "announced".
Any "Lenders" in Utah (or elsewhere) must be attaching conditions to a private loan that will be paid back from the tax credit. H&R Block has been doing that for years!
Any buyer can do the same thing using Mom and Pop's money, just have them "gift" the down payment and repay them when your tax refund arrives. Furthermore, Mom and Dad are less likely to charge confiscatory interest rates on such short term loans.
- Michael Rocco, "Michael Rocco"
- Contributions:36
Aaron,
Are you saying that Lenders on Utah are allowing the Tax Credit to be used for the Down Payment?
I thought this was a Federal not state issue and no Lenders were allowed to
This is interesting - Please let me know
I wonder if next year they will have another incentive to Purchasing?
I wonder what it will be?
If anyone has heard anything - Please let me know...
Are you saying that Lenders on Utah are allowing the Tax Credit to be used for the Down Payment?
I thought this was a Federal not state issue and no Lenders were allowed to
This is interesting - Please let me know
I wonder if next year they will have another incentive to Purchasing?
I wonder what it will be?
If anyone has heard anything - Please let me know...
- Aaron Wagner, "aaronwags"
- Contributions:11
I know Loan Officers that Are doing Now in Utah! So it CAN be done....but may still be Creative Financing!
- Aaron Wagner, "aaronwags"
- Contributions:11
I know Loan Officers that Are doing it Now in Utah! So it CAN be done....but may still be Creative Financing!
- Michael Rocco, "Michael Rocco"
- Contributions:36
You can NOT use it for the Down Payment - there has been talk about it but not as of yet.
REMEMBER - with FHA - the 3.5% Down Payment - most come from YOU the Borrower - or can be gifted to you by a Family Member
You can Also do a SELLERS CONCESSION - on FHA you can go up to 6% - this is where the Seller raises the Purchase Price by 6% to cover 6% of your Closing Costs - on some Loan Sizes this may cover all of your costs - and you will not have to come out of pocket for the closing costs - But either way the Borrower will still need to come up with the 3.5% Down Payment
- Song San, "song san"
- Contributions:85
Very interesting. I asked my account about the $8,000 credit last month and he told me that the $8000 will be adjusted when I do my next year tax return. I am in California, so it may be differnt in other states. Check with an accountant or lawyer.
- Johnny James, "johnnyloans1"
- Contributions:115
you need to get a loan against the credit only non profits are doing it
- Dustin Nulf, "Dustin Nulf"
- Contributions:338
I do believe this is available now. If you're still interested in this, let me know ASAP. Homebuyers should have their offer in by the last of September to meet the closing date requirement.
- Jeremy Patterson, "jeremy755"
- Contributions:28
not yet, but i believe this will be available very soon
- NTETS, "Mr Caveat"
- Contributions:6436
no, HUD was considering it... they rejected it.
@ carol, the less money that YOU invest in your home upfront, the better... in a year when you look at all the other homes which are selling for 30% less than what you borrowed, you will be glad that your you can walk away^_)^
@ carol, the less money that YOU invest in your home upfront, the better... in a year when you look at all the other homes which are selling for 30% less than what you borrowed, you will be glad that your you can walk away^_)^
- Carol-Lynne Mittelbusher, "Carol Lynne"
- Contributions:642
I really suggest a sit-down with a financial advisor prior to your buying a home. If you need to use a credit as a down payment, it doesn't sound as if you have the fiscal foundation to be a homeowner. You need backup funds, you should have six months' payments in your savings account, and there will be extras and maintenance costs galore. I don't mean to sound snotty here - but your dream home can rapidly become a nightmare if you haven't planned and saved properly.
- jnapaige
- Contributions:1
Yes, in Washington State. It looks like there will be options to utilize the $8000 tax credit as a down payment in as soon as 30 days. It has already been signed by the legislature, it is now in the hands of the government.
- Michael Emery, "MikeEmery"
- Contributions:7294
Pennsylvania does have a way to have the First Time Homebuyers Credit advanced, but I am not sure of how it works. This was mentioned in an article in the Boston Herald. Check with a local tax expert to see if this will work for you.
Otherwise, do any PA Realtors know how this program works?
http://www.bostonherald.com/business/real_estate/view.bg?articleid=1169696
Otherwise, do any PA Realtors know how this program works?
http://www.bostonherald.com/business/real_estate/view.bg?articleid=1169696
- Linda Strasberg, "L Strasberg"
- Contributions:2315
Why do you think you should be able to pick up a great deal like what's on the market now if you don't have money for a deposit? What if they lent the money to you and you received the $8,000 credit and then you defaulted on the note? That would be awful wouldn't it. You will require 3.5% for FHA loan...Are you a Vet? You can get closing costs financed and/or paid by the seller/bank if you're credit worthy and have a good job history.
- Linda Strasberg, "L Strasberg"
- Contributions:2315
I have heard that some folks are using their Macy's card...but it's just a rumor that is being spread on zillow. I've also heard that well bred dogs are used as deposit monies....but there is no credence to any of this. NO you may not use a credit as a deposit!
- Jim Ryan, "jimryan7277"
- Contributions:6
Unfortunately, no. It is used as a credit to bring down your AGI when you do your tax returns.
Jim Ryan
Ramagli GMAC Real Estate
215-431-2242
JRyan@Ramagli.com
Jim Ryan
Ramagli GMAC Real Estate
215-431-2242
JRyan@Ramagli.com
Can I use the $8,000 tax credit as a down payment to purchase a home
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