1157

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!

Question posted for: Milwaukee, WI
Answer this question

Your answer:

  • (erase)

3 answers

299

This is a pretty good resource from the National Association of Home Builders: http://www.federalhousingtaxcredit.com/

You need to be logged in to enter a comment

102 Pro-badge

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.

You need to be logged in to enter a comment

1146

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

You need to be logged in to enter a comment

Welcome to SmartHippo answers!

Not sure where to start? The SmartHippo community is here to help.

  • Ask any question about mortgages, home financing or real estate
  • We'll email you when you have new answers
  • It's easy and free!

Have a mortgage question?

characters left
you can add details later

Top Q&A contributors

  1. 102 rmcvanguard 97 answers
  2. 1146 entitledirect 41 answers
  3. 1266 orionmortgage 28 answers
  4. 145 GeorgeFavvas 23 answers
  5. 320 fredglick 12 answers

Compare mortgage rates