FHA Preps Tax Credit for Down Payment Use

FHA Preps Tax Credit for Down Payment Use

In 2011, Governor LePage successfully oversaw the adoption of a tax reform package that reduced the individual income tax, bringing the top rate down. Credit, Jobs and Investment Tax Credit,

The Department of Housing and Urban Development announced those using FHA lenders and HUD-approved non profit agencies are eligible to take advantage of the 2009 First Time Homebuyers Tax Credit in a new way–as part of the down payment. The 2009 tax credit for first time homebuyers provides a tax break totaling 10% of the purchase price of the home with a maximum tax credit of $8000.

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Real estate tax credit-Borrower’s Own Funds: Under the new FHA Guidelines, are lenders permitted to use a seller real estate tax credit when calculating sufficient funds for closing? Answer: FHA requires borrowers to have sufficient assets for down payment and closing without the use of the seller tax credit.

First Time Home Buyer MISTAKES | 9 Mistakes First-Time Home Buyers Make | First Time Home Buyer Tips FHA and the $8000 Tax Credit – what I know and what I don’t.. Government agencies and non-profits can do second liens against the house for the downpayment. The payments on that second lien need to be counted into qualifying rations. In other words, if you are going to borrow the $8000 so you can use it for your down payment, you need to be able to pay that amount back. Gee, there’s a novel concept.

An FHA loan is a mortgage issued by an FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate income borrowers, FHA loans require a lower minimum.

2009 Tax Credit and FHA Loan Down Payments Update. By Bruce Reichstein. FHA borrowers were told they could use the loan as a down payment on their homes, but legal issues prevent banks from issuing down payment assistance on FHA mortgages. Since the initial May announcement, the rules have been.

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The bad news, for those hoping that the initiative would allow homebuyers to buy a home with nothing down, is that the tax credit can’t be used to meet the FHA’s 3.5 percent minimum down.

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