http://guide2homesales.com Serving you since 2006 Sun, 14 Mar 2010 10:06:58 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 http://realtyandloanpro.com/2009/06/01/tax-credit-approved-for-use-as-down-payment-or-closing-cost/ http://realtyandloanpro.com/2009/06/01/tax-credit-approved-for-use-as-down-payment-or-closing-cost/#comments Mon, 01 Jun 2009 19:17:00 +0000 Primo Porcuna http://elite.blogs.rwnetwork.com/2009/06/01/tax-credit-approved-for-use-as-down-payment-or-closing-cost/ 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.

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