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Answers (6)
- Nathan Wolf, "natewolf"
- Contributions:1825
HUD is working to change this. They are working on a plan to allow people to take a bridge loan for downpayments-- to be paid off with the Tax Credit being signed over to HUD.
There's also a first-time homebuyer's down payment assistance loan from the North Carolina Housing Finance Agency which is a Zero-percent interest loan. That means that if HUD actually goes through with this, clients in NC could potentially get $16,000 toward their down payment!
There's also a first-time homebuyer's down payment assistance loan from the North Carolina Housing Finance Agency which is a Zero-percent interest loan. That means that if HUD actually goes through with this, clients in NC could potentially get $16,000 toward their down payment!
- Jennifer Marks, "RelocateWithJen"
- Contributions:101
You all are right -- Unfortunately its not money handed to you -- You have to buy the house 1st and get the tax benifit later -- Talk to you lender about the details and make sure you qualify.
- Michael Yaeger, "yaegermike"
- Contributions:754
If you havent filed yet but plan to buy this year you can claim on THIS YEARS return and then use it. Talk to a CPA first.
- Don Groff, "Austin Texas Lender"
- Contributions:119
The credit can be claimed on your taxes in the year you purchased the home. It is after the fact and the money is not available to use beforehand.
- Nathan Wolf, "natewolf"
- Contributions:1825
North Carolina residents who are first time homebuyers can qualify for TWO different programs:
1. Down Payment Assistance from the North Carolina Housing Finance Agency will supply up to $8000 in a Zero-percent Interest Loan to pay your downpayment.
2. Then you can ALSO qualify for the $8000 Federal Tax Credit!
- sunnyview
- Contributions:25127
No. The credit can only be claimed on your taxes AFTER you buy. I have read that you can reduce you tax withholding in anticipation of receiving the credit and save it for a part of a down. This can be dangerous though because if you do not buy a house before the program ends, you would have to pay back that full amount in taxes at the end of the year to avoid interest and penalties on that amount. A tax adviser could tell you more specifics.
Can you use the 8,ooo first time buyers tax credit for the down payent?
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