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can the $8k tax credit be applied to down payments for condo developments less than 70% sold?

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i'm considering buying a condo in a new development that is currently just 25% sold - and wondered if the $8k credit can be applied to a loan from a private lender? is it their option? is the $8k dependent on income?

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June 02 - Boston

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sunnyview
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I do not believe that an FHA loan or financing is required to get the $8000 buyers credit. Â An FHA loan does allow you to now use the credit upfront for closing expenses if you have your 3.5% down, but it is not a requirement of the buyers credit itself from the reading that I have done.Â HereÂ is the IRS page for the buyers credit including a link to the form 5405 that lays out exactly what the requirements are. Hope it helps.

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sunnyview
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There is also more information here about using the buyers credit upfront for closing expenses if you have an FHA loan.

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sunnyview
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I do not believe that an FHA loan or financing is required to get the $8000 buyers credit itself. An FHA loan does allow you to now use the credit upfront for closing expenses if you have your 3.5% down, but it is not a requirement of the buyers credit itself from the reading that I have done. Here is the IRS page for the buyers credit including a link to the form 5405 that lays out exactly what the requirements are. Hope it helps.

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June 03

Sedruola Maruska, "Sedruola"
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I think this question would best be answered by a mortgage specialist, but the $8K can be applied toward down payments on FHA approved loans. The type of loan you qualify for on the condo will be the determining factor on how the $8K can be used in your transaction. Make sure to ask your Mortgage banker these specific questions when you get your pre-approval for a loan. Good luck!

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June 03

Heidi Zizza, "heidizizza"
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I believe the answer to that is no due to the fact that you have to apply for the credit after the closing. You should call an IRS rep or go to irs.gov. In addition with FHA the complex may not be on the approved list so double check with your mortgage person first.

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June 03

Michael Emery, "MikeEmery"
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As I recall the 8k tax credit loan was specifically for FHA guaranteed loans. Depending on the development, this project may or may not qualify for FHA. Check with a lender to make sure this is doable. And even if it's an FHA approved project, you still need to bring 3.5 percent of your own money to the table.

Financial gurus am a I correct?

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sunnyview
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Yes the buyers credit should be able to be used for a condo that is less than 70% sold and yes the credit does have income restrictions, but many people do qualify. Try looking at the FAQ here for solid info to your questions.

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June 02

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