$8,000 Buyer Tax Credit for Down Payment?
There have been some rumblings about being able to use the Obama Stimulus $8,000 Tax Credit for First Time Home Buyers as a down payment for a mortgage. When the Tax Credit first came out in the giant Stimulus Package, it was only available after the buyers closed on the property and then filed for the credit with the IRS.
Under a recent news release on HUD’s website, it seems that FHA mortgages will be eligible to get access to the money before they actually close on the house, which could be used for a down payment or help with closing costs.
While this may be music to some hopeful buyer’s ears, there’s a catch: there are no Minnesota non-profit or government organizations that can access the funds.
This is basically a case of ideas becoming reality faster than the “system” can get setup.
So, for now, there is no way to actually get the Tax Credit before you close. But at some point over the next few months I anticipate that some agency will setup a way to help new home buyers get this money before they close.
Stay Tuned for more details as they emerge. Or, call / email me to inquire further.
Related Posts
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment