The Federal Tax Credits Blog

Question: First time home buyer tax credit and HUD 100 down payment using the tax credit?

I would like to know if you are a first time home buyer and you are going to use HUD’s $100 down payment promotion, can the first time home buyer tax credit be used towards the closing cost?
Please make your answer in simplest terms because I do not understand real estate or mortgage lingo that well.

Answer: No. You do not get the first time buyers credit until you get your tax return. The First time home buyers credit is %10 of the principle of the house up to $8000 dollars. You cannot use the first time home buyers credit for closing costs, or a down payment because you do not get the money until tax return time.

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