8000 firsttime homebuyer tax credit: Can I use the first-time homebuyer tax credit as part of my down payment?
- 06/11/09 02:35 PM
The U.S. Department of Housing and Urban Development recently announced that eligible borrowers who intend to purchase an FHA-insured home may elect to 'monetize' the first-time homebuyer tax credit and apply those funds toward their down payment or closing costs. Previously, buyers could only receive the credit (up to $8000) by amending their 2008 income tax return or waiting until they file their 2009 return. Read more about this new program: HUD news release (opens as a Word document) IRS tax credit answers Hud Secretary's announcement of new plan Here are a few of the rules involved (per HUD's letter) in … (1 comments)
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John Morrison
Exclusive Buyernulls Agent, CBR - Boston Area Real...
The U.S. Department of Housing and Urban Development recently announced that eligible borrowers who intend to purchase an FHA-insured home may elect to 'monetize' the first-time homebuyer tax credit and apply those funds toward their down payment or closing costs. Previously, buyers could only receive the credit (up to $8000) by amending their 2008 income tax return or waiting until they file their 2009 return.
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