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tax credit

Contributions: 3

Q&A

:3

I have heard so many different things about this $8,000 tax credit. Is it going to be a rebate check that you can use towards closeing costs or a tax credit??

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June 30 - San Jose

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Scott Wilkie, "Scotte_123"
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Scott Wilkie, "Scotte_123"

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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.

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wetdawgs
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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.

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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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

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July 01

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Question Help. Help, I am dealing with a loan officer who is giving me the worst deal but am in a timeline!

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