Posts Tagged ‘house tax credit 2010 down payment’
House Tax Credit 2010
June 3rd, 2010
Question: Should I buy a house before the $8k tax credit is up in June 1010 or wait?
All the mortgage calculators online say I can afford as house that is around $180k. I have $10k that I can put on a down payment for a house. So if I am looking at a house that is $150k, $10k is about 6.7% down. Would it be advantageous of me to buy at house with a lesser down payment and recieve the $8k tax credit OR wait until I have about $20k saved up for a downpayment at the end of 2010 and buy a house then (but I will not recieve the $8k tax credit).
I am knew to buying a house so there is alot I do not know, I know a higher down payment will reduce my interest rate which could save thousands over a long period of time..any input helps thanks.
Answer: You need more then 10k to buy, there are all sorts of closing costs that you have to pay out of pocket. Set aside at least 5k for those.
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