The Federal Tax Credits Blog

Question: $8000 (or 10%) Tax credit towards closing costs?

I have been approved for a fha loan. I have read in several places that i can use this as a further down payment and to help with closing costs. I was wondering if you know how i go about doing this and also if it can be used toward tax escrow and also my city escrow (for repairs from my city inspection)

Answer: You must have home title in your name before you can file for homebuyer’s credit.

This credit is available for first time home buyers and those who did not own home in last three years. The credit applies to home located in the United States.The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. You must purchase home after Dec 31, 2008 and before December 1, 2009, to be eligible for the credit. The credit of $8,000 is not a loan and you do not repay it. Taxpayers will claim the credit on IRS Form 5405, First-Time Homebuyer Credit. http://taxipay.blogspot.com/2009/01/first-time-homebuyer-credit.html

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