- Find a Real Estate Professional
- Hawthorne Realtors®
- Hawthorne Mortgage Lenders
- Hawthorne Home Improvement Pros
- Hawthorne Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Realtor® Advertising
- Join the Professional Directory
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:23399
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:6905
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
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.