Home Buying in 93535>Question Details

Donny Pavlos, Home Buyer in Lancaster, CA

can you use your 1st time $8000 home buyers tax credit towards your down payment and or closing costsin Los Angeles,CA 93535?

Asked by Donny Pavlos, Lancaster, CA Tue Jan 12, 2010

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4
Hello Donny,

You can't use the first time how buyer credit towards your down payment. You have to file for it after you close.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
mcarrabba@kw.com
(323) 899-2900
Web Reference: http://www.thecarrabba.com
1 vote Thank Flag Link Tue Jan 12, 2010
Donny, sorry to be the messenger but no. There is no way to get the money upfront. There was some talk about it a while ago but the idea was really lame whereas no lender jumped on board. You can get a gift from someone and if you want to, you can pay them back the favor after you close.
1 vote Thank Flag Link Tue Jan 12, 2010
Donny,
Please remember that property must be in escrow by April and close June to be eligible for first time buyer credit. Depending where you want to buy, there are other loan programs, such as the USDA. Littlerock, Lake Los Angeles, Rosamond, Mojave, California City, Acton, etc. which are in rural areas and might be covered by this loan program. Please contact your lender and find out about the program. It doesn't cover closing costs, but you can ask for closing costs to be paid.
Sherry Ferfes
Century 21 Doug Anderson
sherryferfes@gmail.com
Web Reference: http://www.sherryferfes.com
0 votes Thank Flag Link Wed Feb 17, 2010
Check with a local lender. Some states were offering programs where the buyer could borrow the credit for the downpayment. These programs take a little longer to finace so contact a lender ASAP.
0 votes Thank Flag Link Tue Jan 12, 2010
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