Home Buying in Roseburg>Question Details

Apache, Home Buyer in Roseburg, OR

Can the $8,000.00 first time homebuyer's govt. credit be used towards a downpayment and / or closing costs ?

Asked by Apache, Roseburg, OR Thu Aug 6, 2009

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4
Ellie Stevenson Cerasuolo’s answer
It's a tax credit; no lender's are processing as downpayment or closing costs. Look in my questions and answers for more. Save your HUD 1 Closing stmt from your closing.


http://www.federalhousingtaxcredit.com/
0 votes Thank Flag Link Thu Aug 6, 2009
yes but for FHA loans only, but the necessary required 3.5% down have to be arranged by your own funds.... this $8,000 cannot be used as 3.5% required down payment for FHA loan.
0 votes Thank Flag Link Thu Aug 6, 2009
If you are getting an FHA loan, No
Other loans maybe, but how are you going to turn it into cash. The lender is not going to give you credit for it. so really the answer is no.

It is just a tax credit until it can be monitized/realized.
0 votes Thank Flag Link Thu Aug 6, 2009
Apache,

Yes it can be used for down payment. This program ends December 1, 2009.

Travis O. Smith, U.S.M.C.
Mortgage Loan Consultant

Franklin Synergy Mortgage
7101 Executive Center Drive Suite 110
Brentwood, TN 37027
615.498.3970 mobile
615.564.6336 office
travis.smith@franklinsynergy.com
0 votes Thank Flag Link Thu Aug 6, 2009
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