FHA Preps Tax Credit for Down Payment Use

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First Time Home Buyer Tax Credit for Home Mortgage Loans. These rules still apply even if you are trying to get a first time home buyer tax credit, although you can use the $8,000 tax credit toward your down payment. If you want to take advantage of the first time home buyer tax credit, though, you might be running out of time.

For FHA lender-supplied cash advances, you’ll be able to use the $8,000 credit – or whatever size credit you qualify to receive – for settlement fees, escrow charges, higher down payments or to.

In other words, you can’t use money obtained solely on your expectation that you will be getting this tax credit to FHA’s 3.5 percent minimum down payment requirement. But you can use it to make an additional down payment and for closing costs. And your eligibility for the tax credit may help you obtain a soft second loan from a state HFA.

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FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties. Financial help for seniors Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you.

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The Closer just emailed me saying the closing costs paid by the seller needs to be reduced from $5,000 to $0, because after adding in the Seller Tax Credit, the cash due at closing from the borrower.

But investors willing to occupy one unit of a duplex or similar small multifamily property can get Federal Housing Administration insured loans for as little as 3.5% down. FHA loans are also suitable.

Feds will allow tax credit for down payment, closing costs. The new guidelines will allow state housing finance commissions, including Washington’s, to give the loans for the 3.5 percent fha requires. But other approved lenders could give the loans only to increase down payments above the 3.5 percent or cover closing costs.

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Under most FHA programs, the borrower is required to make a minimum. required minimum downpayment, as well as closing costs and fees, must.. This topic contains information on using gift funds as acceptable sources of. Only family members may provide equity credit as a gift on property being.