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How will the $8000 credit help with a down payment when it's only available after the purchase?

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March 15 2009 - US
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Answers (6)

Profile picture for Lady Chattel
Just another way for saps trying to get more out of something and something for nothing.  But for those intent on getting more than what they can afford they will try anything and everything even if you spell out the word NO to them.
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March 15 2009
If you don't have a down payment you should not consider buying a home. Nothing is free, not even 8k from the Feds. 
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March 15 2009
The credit won't help as far as a down payment but it may be that a family menber could provide an equal amount and you could repay them with the credit. Check with your for detailed advice on the credit there are limitations. In some areas there can be other types of assistance. Find your state housing authority to see if they have a program. In some parts of the country USDA Rural Developement has 100% financing available. Find a Realtor that knows the programs for your area.  
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March 15 2009
Beware - there are some agents out there that recommend claiming the credit before you buy.  This is very dangerous. When you claim the credit you are saying you have already purchased the home.  If you haven't, its fraud!!!  The IRS may make you repay the claim if you claimed early. 
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March 15 2009
Profile picture for SlickPoetry
yeah, don't trust idiots and liars. The $8000 is not going to help you with a down payment.
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March 15 2009
Profile picture for sunnyview
It won't because it can not be used as a down payment. It is a credit on your tax return that can only be claimed after the purchase is complete. Anyone who says otherwise is misinformed or misleading you. I have seen no way to use the credit as a down payment.
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March 15 2009
 
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