Posts Tagged ‘house tax credit 2010 form’
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.
Special Provisions Allow Military Home Buyers to Capture Tax Credits
Extension of Homebuyer Tax Credit and Exemption from Tax Credit Recapture Rules Ease the Home Buying Purchase for Members of the Military
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