FHA Loans & First Time Home Buyers Tax Credit.
Home Buyers Tax Credit gives first time home buyers a tax credit of up to $8000, which can be off set again their tax debt and then any
remaining will be issued as a check. This is a great incentive for those who are thinking about stepping onto the home buyers ladder, especially now as interest rates are at an all time low.
There has been much talk about the First Time Home Buyers Tax Credit and FHA loans, and whether FHA loan applicants would be reliable for the tax credit and if so could the $8000 could be used to satisfy the 3.5% minimum down payment.
U.S. Department of Housing and Urban Development states that credit may be “purchased” by FHA approved lenders (and credited at closing), however, it may not be used to satisfy the 3.5% minimum down payment. The borrower will need to satisfy the 3.5% minimum equity requirement with acceptable funds.
Click here to read future information in the Home Buyers Tax Credit at the U.S. Department of Housing and Urban Development Website. Ready to take the next step and purchase your own home, click here to contact a Arbour Realty Home Buying Consultant.
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[...] Today’s news that Congress has extended the Homebuyers Tax Credit which was set to expire on the 30th of this month is wonderful news not only for First Time Homebuyers but also for existing Homeowners. The Home Buyer Tax Credit has been extended by Congress until April 30th, 2010 with some exciting modifications to the old Home Buyers Tax Credit Bill. [...]