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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Ellen Cerasuolo’s answer
Ellen Cerasu…, Agent, PASADENA, MD
Thu Aug 6, 2009
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
Kevin, , Texas City, TX
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
David Chambe…, , Saint Petersburg, FL
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
Travis O. Sm…, , Brentwood, TN
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
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