To be used at closing and for what can it be used for. Do you know where we can find this information? Or is this just a bill in Congress that is pending? If you know what the bill name and number is please share it with us. House bill H.R. 1344 in the 111th Congress is an attempt to amend the Internal Revenue Code of 1986 regarding home buyer tax credit. I'm not asking about this bill, it's pending, not law as I write this. We have had some chatter about actually using the $8,000 at closing. Do you know where we can find it in writing? Thanks.
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Rainer
84,417
84,417
First Meridian Mortgage - Brooklyn, NY
I don't think this was passed into law yet. What is happening is that certain states and institutions are lending the borrowers the money and getting a form signed that goes to the IRS that gets the credit assigned to them.
Michael Pinter
Rainmaker
400,727
400,727
214-728-0449 http://TexasLoanGuy.com - Frisco, TX
Texas Home Mortgage - Purchase or Refinance
Hi Ken. Sorry for the delayed response. You did read correctly that HUD was going to allow borrower to get this money early to help pay for closing costs. Within that same day, they pulled the idea because they were already talking about possible issues. So, they went back to the drawing board. There was also talk about the borrower getting a small loan for the $8000 and would be expected to pay it back at closing. Again, these things were tossed around, but nothing was officially finalized.
Right now, they are looking at increasing the amount to $15K and ALL homebuyers will be eligible. Until it clears, I would not spread the word.
Rainmaker
536,206
536,206
Weichert Realtors Appleseed Group, 2043 Richmond Ave. S.I.N.Y. 10314. office phone 718-698-9797, Appleseedhomes.com... - Staten Island, NY
NYS Licensed Real Estate Salesperson
Thank you Michael and John. We'll just have to keep our eye on this. Thanks again.
Rainer
84,206
84,206
Van Warren Home Inspections, NAHI CRI - Fort Knox, KY
Heartland of Kentuckynulls, Best Home Inspector
Congressional action created the tax credit.
IRS regulations stipulated how the credit was to be used.
I guess HUD got into the act because of FHA guidelines.
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