Tax 8000 Credit Extension
December 6th, 2008
Question: Can you still get down payment assistance with the Federal tax credit?
Can you still get a downpayment assistance grant and use the $8000 Federal tax credit? There are some non profit groups that claim to help with down payment assistance are any of them for real? When is the extension going to run out?
Answer: Yes you can get down payment assistance and then file for your tax credit. The tax credit does NOT require you to put any money into the purchase as long as your banker will allow.
You may be able to get a USDA loan if you live in rural area 100%
or
VA loan is you were in the Armed Forces 100%
However, BEWARE most official DPA are run through state housing departments. They should be able to give your references. Make sure you check them out.
The tax credit will have to come back to you via an ammended return and this will take about 10 weeks.
Unless the tax credit is extended, it expires Nov. 30 2009. I do NOT believe you will have time to find a home and close before the end of this month due to all the Gov’t Regulations.
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