Use the $8,000 First Time Home Buyer Tax Credit as a Down Payment
It's official! Qualified first time home buyers can use the $8,000 tax credit as a down payment towards the purchase of their new home by following certain guidelines. This change in lending policy was announced last week by the HUD Secretary and is designed to further relieve the strained housing market.
Essentially, the HUD / FHA is now going to allow certain third-party vendors to lend you the money for the $8,000 tax credit as a second mortgage on the home that you will pay off once you receive the tax credit from the IRS. There are restrictions and guidelines that will need to be met to allow first time home buyers to receive this second mortgage, but if you qualify it could potentially be a very good deal.
To use the $8,000 First Time Home Buyer Tax Credit as a down payment on a home you should first review the FAQ to make a preliminary determination if you are eligible. In addition, I recommend consulting a tax professional to ensure that you are indeed eligible before making any commitments to buying a home.
Once you feel that you may qualify, contact me for further information and I will make certain all of your questions are answered.
Essentially, the HUD / FHA is now going to allow certain third-party vendors to lend you the money for the $8,000 tax credit as a second mortgage on the home that you will pay off once you receive the tax credit from the IRS. There are restrictions and guidelines that will need to be met to allow first time home buyers to receive this second mortgage, but if you qualify it could potentially be a very good deal.
To use the $8,000 First Time Home Buyer Tax Credit as a down payment on a home you should first review the FAQ to make a preliminary determination if you are eligible. In addition, I recommend consulting a tax professional to ensure that you are indeed eligible before making any commitments to buying a home.
Once you feel that you may qualify, contact me for further information and I will make certain all of your questions are answered.
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