Profile picture for Wroblewski1

First time owner- 10K tax credit

Im interested in buying a home. Since I will be a first time buyer, can the tax credit be used for a downpayment? I have excellent credit.
Please send responses to" Hemetsprincess@yahoo.com. If your a realtor in the Hemet, CA area let me know.
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February 28 2010 - Royal Oak
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Answers (5)

Unfortunately the tax credit cannot be used as a downpayment.  The only advice I can give you that is different from everyone else is to review all the guidelines to be sure you qualify.  You wouldn't want to be disappointed at tax time.  Also, be sure you are out of what we call in NJ attorney review no later then April 30 and closed by June 30.  Good Luck with your home buying
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March 01 2010
Profile picture for FredFarg
As "ammiller" said, only there are also many private investors (fix-n-flippers, short-sale, wholesale, etc) that will file the paper work with you to have the tax credit sent directly to them.  People will probably reply to me that there are scammers that do this - and there certainly are - so your due diligence is essential.
But there are ALSO reputable people/companies doing this.
Check for local Real Estate Investor Associations (REA's), Investment Clubs, call local Realtors until you find one familiar with this.  My favorite Realtor just gained certification for Short Sales and is competent in the Tax Credit/Down-Payment technique.
I don't know your area, so I can't direct you to anyone specifically.
Good luck, and beware...
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March 01 2010
Profile picture for ammiller
The maximum is 8,000 or 10% of the cost (ie: a 60,000 home will only get you 6000). One of the most common ways to do what you're talking about is if you did an FHA loan. It can be worked so that the money gets transferred to the FHA instead of getting mailed to you. This is the only way that I've heard of people getting the credit assigned as a downpayment.
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March 01 2010
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Thanks.
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February 28 2010
Profile picture for wetdawgs
The tax credit cannot be used for a down payment except with a very few specialized programs.  The tax credit is filed for after you've closed on the home.  You must have an accepted offer by the end of April and closed by the end of June 2010.   Usually people are receiving the check in the mail four weeks to six months after filing.

The tax credit maximum is $8000
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February 28 2010
 
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