2007, Home Buyer in Philadelphia, PA

can i use the $ 8,000 tax credit as down payment or closing cost if i want to buy a house?

Asked by 2007, Philadelphia, PA Fri Oct 2, 2009

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Carol McCann, Agent, Philadelphia, PA
Tue Oct 6, 2009
Lalia: Unfortunately, the tax credit loan funds are no longer available, however, there are many other options out there for first time homebuyers. I have a few homes that you could purchase with just $1,500 out of pocket. Give me a call for a list of properties.

Carol McCann
Remax Millennium
0 votes
Edmund Choi, Agent, Paoli, PA
Mon Oct 5, 2009
PA does offer "PHFA Tax Credit Advance Loan Program". Link below.
0 votes
Carol Cei, Agent, Maple Glen, PA
Sat Oct 3, 2009
Hi, Lalla,
There was a program in place through the state where you could get $5,000 up front to use. It is my understanding that the state ran out of money the other day, so this program is no longer available. If you can get a friend or family member to help you, perhaps then you can pay them back when you get the money.

Carol Cei
ReMax Millennium
0 votes
Chris & Step…, Agent, Philadelphia, PA
Sat Oct 3, 2009

We know that Joe Aiken the President of Boulevard Mortgage Company in Bensalem has used the 8,000 tax credit to offset closing costs for his clients upon request. In our opinion he is one of few lenders offering this program. For example a large bank like Wells Fargo will not offer this option. (I am not picking on Wells Fargo. I am just using them as an example.)

People forget that the Obama tax credit is a federal government related incentive. Once the lender "fronts" you the credit, you will have to pay them back at tax time.
0 votes
Patrick Thies, Agent, Anytown, IL
Fri Oct 2, 2009
There are programs that let you borrow part of the the credit to use as a down payment. Check with a lender to see if they are familiar with the programs. Keep in mind, that these are new programs and not everyone is familiar with them so it make take some extra time to get it together. You have until November 30th of this year to close.
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