First time Home buyer Credit (8K or 10%) with reference to FHA 203K loan.
I came across a foreclosed property which is listed for $ 55K. I think I will need another 30-35K as renovation expenses to bring it into livable condition. I am planning to use FHA 403K rehab loan for purchasing this property. Now, my question is whether the First time Home buyer Credit is applicable to only the $55K or can it be extended to the additional renovation expenses?
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