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Financing in 92104 : Real Estate Advice

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Activity 1
Wed Aug 19, 2009
Todd Lee answered:
The problem is the government has limited the fee that a purchaser of the tax credits can charge to a maximum of $200, so it's probably too much work for such a low return which has prevented this strategy from gaining traction.

However as long as you meet all the eligibility tests( i.e. haven't owned a home for the prior 3 years, and meet AGI ceiling/threshholds, etc) Then as the tax credit WILL be eventually paid; it can form the basis for legitimate creativity. Here's just a couple of the many ways that could work: one could borrow from their retirement saving account and utilize the tax credit to repay oneself; another idea could involve a relative who could provide gift funds which are an allowed down payment source.
How this could be implemented in your case would be fun to research. I get a perverse joy in figuring out these brain teasers; so call or email if you'd like an ally. Thanks!

Todd Lee
Senior Loan Officer
5930 Cornerstone Court West,Suite 350
San Diego, CA 92121
858.526.6925 - Direct
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