Home Buying in 30296>Question Details

Milandra, Home Buyer in 30296

Is it possible that I could qualify for the $8000.00 and the $14,000 down payment, which would bring by

Asked by Milandra, 30296 Wed Jun 10, 2009

mortgage down even lower.

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6
Solomon Greene’s answer
Milandra,

Word came today that $4.6 mil of the $5 mil allocated toward the $14K down payment assistance program has been reserved. Check the blog below for updates on available down payment assistance programs.

Solomon Greene
REALTOR® / HUD - Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Thu Jun 11, 2009
BEST ANSWER
Yes, it is possible. They do not have anything to do with each other. One is a credit because you bought a home in the correct time period and the $14,000 is bacuase you bought a foreclosure meeting certain guidelines. In addition, I believe you are buying in Georgia and we have another $1800 tax credit from the state. If your income qualifies and you are buying a foreclosure that meets the $14,000 restrictions, you could get all three and have bought a lesser priced home because it was a foreclosure. WOW!! What a deal.

Great question!

Sally W. Hamby
Pine State Mortgage
0 votes Thank Flag Link Wed Jun 10, 2009
The $8000 is a tax credit - it benefits you at tax time - it either reduces your tax or earns you a refund of some amount, depending on your tax liability.
The $14,000 is basically a second loan that is foregiven if you remain in the property for a certain length of time I believe. Not too many people are doing these loans so if you want definitive info, let me know and I have a lender who can fill you in on the details and requirements first hand.
Good luck.

Stephanie McCarty
REMAX Greater Atlanta
404-457-8089 cell
email direct to slmrealestate@comcast.net
0 votes Thank Flag Link Wed Jun 10, 2009
You can file an amended tax return for 2008 taxes and get the $8000.00 yet this year. You will need IRS form #5405. Recommed you visit your tax advisor.
0 votes Thank Flag Link Wed Jun 10, 2009
Milandra, all home buyer assistance plans have qualification criteria that must be met. Often there are also local influences that bring additional value to these plans.
You really need to consult your local mortage broker or FHA specialist as soon as possible. There are some exciting new developments with the $8,000 Tax Credit that may be available in your state.

Best wishes,
Annette Lawrence
ReMax ACR Elite Group, Inc
727. 420. 4041
0 votes Thank Flag Link Wed Jun 10, 2009
Yes. Depending on which state you are in, the $8,000 tax credit may not be available for down payment, but you would get it as a tax credit next year instead. For questions like this, speak with your mortgage lender.
Web Reference: http://www.milicki.com
0 votes Thank Flag Link Wed Jun 10, 2009
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