8000 Tax Credit Down Payment Fha
February 14th, 2009Question: 1st time home buyers credit as a down payment?
Ok. Ive read on numerous news websites that HUD is going to allow first time homebuyers to use the credit that they were going to recieve after purchasing a house as a downpayment instead..
http://www.digtriad.com/money/your_money/article.aspx?storyid=124351&catid=248
http://rismedia.com/2009-05-16/hud-action-allows-home-buyers-to-use-8000-tax-credit-for-downpayments-on-fha-insured-loans/
but then i read on two diffrent websites that the idea has been recsinded and scrapped.
http://www.boston.com/realestate/news/blogs/renow/2009/05/not_so_soon.html
SO MY QUESTION IS, WHICH IS IT? Is this going to come into fruition or should i continue to keep saving every red cent i recieve???
Answer: A tough question in deed. I just bought my first house (about 2 weeks ago). I spoke with my CPA and he said that we could file our 2008 taxes and claim the credit – even before we closed on the house but that it wouldn’t be entirely ethical, so, we didn’t. We have since closed on the house and we need to amend our 2008 taxes in order for the government to recognize that we purchased the house and then they should send it.
My mortgage banker on the other hand swore up and down that we could get the credit before closing to apply it towards our downpayment, but I wouldn’t trust her over my CPA.
In my opinion, you should absolutley be able to use that money towards the downpayment, but unfortuantely I don’t think you can.
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What can you do with the $8000 Tax Credit?
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