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tax credit: $8,000 tax credit. Is it a concession? - 04/06/09 03:09 PM
Lenders have established limits on the amount of concessions a buyer may receive in a real estate transaction from interested parties. Obviously, lenders don’t want to finance a lot of fluff in the sales price. However, what about the inducement aspect of concessions? And, is the $8,000 tax credit an inducement that lenders should be concerned with?
Let’s say one is buying a $225,000 home and obtaining an FHA loan; the minimum down payment would be roughly $7,900 ($225,000 X 3.5% = $7,875 rounded up). At the end of the year, the buyer receives $8,000, which is recouping the down … (7 comments)
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Steve Graham
Atlanta,
GA
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