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if i were to buy a new home could i use the 8,000 incentive money towards closing costs or mortgage?

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June 06 - Moreno Valley
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Profile picture for MikeEmery
Real Estate Agent
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Since December 2008

An FHA loan allows you to use the 8k First Time Homebuyers Tax Credit towards closing costs, but you will still need to have 3.5 percent of the purchase price for downpayment and you would have to qualify for the program.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html
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June 06
 

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