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Answers (3)
- Scott Wilkie, "Scotte_123"
- Contributions:35
It is a Tax Credit however you can use the money at closing, to increase your down, pay for closing costs or buy down the interest rate. How can you "apply" a tax credit (received by you when you file) to a closing today? Recent rulings are allowing FHA lenders to monetize the Tax Credit at closing via a bridge loan. If you are interested you need to talk to your lender. Hope this helps.
- wetdawgs
- Contributions:26722
The best place to get the full details is on the irs website. You are right, there are dozens of inaccurate rumors floating around the internet.
- Michael Emery, "MikeEmery"
- Contributions:7281
In most cases it is a tax credit. If your tax bill is less than the 8k then you will receive a check for the balance.
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
http://www.irs.gov/newsroom/article/0,,id=206291,00.html
tax credit
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