Where can I get information about the $8,000 tax credit for first time home buyers?
Do I have to pay it back? Can I use it to cover closing costs or to pay down points?
Thanks for the help!
Do I have to pay it back? Can I use it to cover closing costs or to pay down points?
Thanks for the help!
This is a pretty good resource from the National Association of Home Builders: http://www.federalhousingtaxcredit.com/
I think the only lender (that I know of) that is participating in this is Flagstar Bank - at least the program where you get the 8k at closing from a 3rd party. And as I understand you still have to have the 3.5% downpayment prior to the 8k. I think the tax credit is great - wish it would be expanded to all buyers - but the part where you get it at closing? I think thats got a lot more problems with it than the Beltway would like to think.
Be aware that there is an effort underway to increase the $8,000 tax credit to $15,000 with fewer restrictions, but it's anyone's guess as to when or if this will come to fruition:
http://www.usnews.com/blogs/the-home-front/2009/06/12/will-the-8000-first-time-home-buyer-tax-credit-expand-to-15000.html
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