Tax credit approved for use as down payment or closing cost
Add a comment Monday, June 1, 2009
Qualified, first-time home buyer using a Federal Housing Administration (FHA) insured mortgage now can apply $ 8,000 tax credit towards their down payment, the Dept. of Housing and Urban Development (HUD) announced 6/01/09.
Currently, borrowers applying for FHA insured mortgage are required to issue a minimum down payment of 3.5%. Previously, FHA approve lender were not ... [Read More]
Qualified, first-time home buyer using a Federal Housing Administration (FHA) insured mortgage now can apply $ 8,000 tax credit towards their down payment, the Dept. of Housing and Urban Development (HUD) announced 6/01/09.
Currently, borrowers applying for FHA insured mortgage are required to issue a minimum down payment of 3.5%. Previously, FHA approve lender were not allowed to monetize the tax credit as part of the part of the 3.5%; however, under the new guidelines, borrower now can use the tax credit for 3.5% down payment or for other closing cost.