Zillow Advice: Buying Process - Can I use the $8,000 tax credit as a down payment to purchase a home

In a word ... NO!There was ...

Mon, 12 Oct 2009 13:52:00 GMT

In a word ... NO!

There was an early attempt to monetize the $8000 tax credit, but it was beaten down the day after it was "announced".

Any "Lenders" in Utah (or elsewhere) must be attaching conditions to a private loan that will be paid back from the tax credit. H&R Block has been doing that for years!

Any buyer can do the same thing using Mom and Pop's money, just have them "gift" the down payment and repay them when your tax refund arrives. Furthermore, Mom and Dad are less likely to charge confiscatory interest rates on such short term loans.

Aaron,Are you saying that ...

Sun, 11 Oct 2009 23:15:00 GMT

Aaron,

Are you saying that Lenders on Utah are allowing the Tax Credit to be used for the Down Payment?

I thought this was a Federal not state issue and no Lenders were allowed to

This is interesting - Please let me know

I wonder if next year they will have another incentive to Purchasing?

I wonder what it will be?

If anyone has heard anything - Please let me know...

I know Loan Officers that ...

Sat, 10 Oct 2009 06:29:00 GMT

I know Loan Officers that Are doing Now in Utah! So it CAN be done....but may still be Creative Financing!

I know Loan Officers that ...

Sat, 10 Oct 2009 06:29:00 GMT

I know Loan Officers that Are doing it Now in Utah! So it CAN be done....but may still be Creative Financing!

You can NOT use it for the ...

Sat, 10 Oct 2009 06:13:00 GMT

You can NOT use it for the Down Payment - there has been talk about it but not as of yet.

REMEMBER - with FHA - the 3.5% Down Payment - most come from YOU the Borrower - or can be gifted to you by a Family Member

You can Also do a SELLERS CONCESSION - on FHA you can go up to 6% - this is where the Seller raises the Purchase Price by 6% to cover 6% of your Closing Costs - on some Loan Sizes this may cover all of your costs - and you will not have to come out of pocket for the closing costs - But either way the Borrower will still need to come up with the 3.5% Down Payment

Very interesting. ...

Mon, 28 Sep 2009 05:59:00 GMT

Very interesting. I asked my account about the $8,000 credit last month and he told me that the $8000 will be adjusted when I do my next year tax return. I am in California, so it may be differnt in other states. Check with an accountant or lawyer.

you need to get a loan against ...

Sun, 27 Sep 2009 04:43:00 GMT

you need to get a loan against the credit only non profits are doing it

I do believe this is available ...

Sun, 16 Aug 2009 20:47:00 GMT

I do believe this is available now. If you're still interested in this, let me know ASAP. Homebuyers should have their offer in by the last of September to meet the closing date requirement.

Try an FHA loan.

Wed, 27 May 2009 21:45:00 GMT

Try an FHA loan.

not yet, but i believe this ...

Wed, 27 May 2009 20:46:00 GMT

not yet, but i believe this will be available very soon