Home Buying in Lees Summit>Question Details

L, Home Buyer in Kansas City, MO

Can the $8000.00 tax credit be used as a down payment?

Asked by L, Kansas City, MO Sun Feb 21, 2010

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Missouri no longer has a program to 'borrow' against your tax credit for the downpayment. However, there are several other options available, depending upon where you choose to live. USDA offers 100% financing for homes in the rural area. You can still be within 30-40 minutes drive from downtown KC and live in one of these areas. There are also programs within the city but are dependent on funds being available.
1 vote Thank Flag Link Sun Feb 21, 2010
Speak to a local mortgage broker and real estate agent because there are non-profits and local governmental agencies that do allow monitizing the tax credit through an up front loan and an FHA mortgage.
Web Reference: http://fredglick.com
0 votes Thank Flag Link Sun Feb 21, 2010
Speak to your tax consultant regarding qualifying IRS Codes and see IRS website link--unfortunately, it's a credit that will be issued after the transaction has closed.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html
0 votes Thank Flag Link Sun Feb 21, 2010
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