Can I Use My Home Buyer $8000 Tax credit As a Down Payment?

#1. Can I Use My Home Buyer 00 Tax credit As a Down Payment?

Can I Use My Home Buyer 00 Tax credit As a Down Payment?

The mortgage commerce was buzzing with the sentence "00 tax credit gets announced" after the Hud issued the Mortgage Letter. Many loan officers and the borrowers are now searching for an rejoinder to the quiz, "Can I Use My Home buyer 00 Tax credit As A Down Payment?". This has become a slightly confusing topic to many people. The first time home buyers are involved about paying the down payments and reducing the interest rates. Thus the tax credit could have been useful to these home buyers. But the truth is now clear. In the case of a Fha mortgage loan, you cannot use the tax credit to pay for the first 3.5% down payment. You need to use your money for this down payment.

Can I Use My Home Buyer 00 Tax credit As a Down Payment?

But after paying 3.5% down payment, you can use the credit to add to that down payment. The introduction of the this plan is not going to influence population who are planning to get Usda mortgage loans. This is because of the fact that Usda mortgage loans require no down payments. So you need not be worried about your down payments at all. Getting these loans will be the extreme clarification for population who are not able to get cash for making the down payments. But remember that these mortgages are only ready for population who are buying a home in the rural areas.

Some loan officers are also wondering about monetizing the 00 tax credit. Remember that this is the best time to become a first time home buyer. The interest rates have gone very low and there are many homes for you to select from. Do not miss this opening to get a home loans and become a home owner. Keep in mind that this plan applies only to the first time home buyers and not to all people.

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