FHA Preps Tax Credit for Down Payment Use

The Department of Housing and Urban Development announced those using FHA lenders and HUD-approved non profit agencies are eligible to take advantage of the 2009 First Time Homebuyers Tax Credit in a new way–as part of the down payment. The 2009 tax credit for first time homebuyers provides a tax break totaling 10% of the purchase price of the home with a maximum tax credit of $8000.

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Ok, We are at the final steps of buying our home. Appraisal and inspection was done. Seller is paying 3500.00 of closing costs. That is what we agreed on. We are receiving a gift for the down payment on our FHA loan from a family member. 3.5% of the total house payment is just shy of 2300.00 so that is what we got from our family member.

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deral Housing Administration (FHA) will allow home buyers to apply the new $8,000 first-time home buyer tax credit toward down payments for FHA-insured homes. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5% of appraised value or their closing costs.

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In the first press release about the program, the Department of Housing and Urban Development appeared to allow home buyers interested in FHA mortgages to use a short-term "bridge loan" against their 2009 First Time Homebuyer’s Tax Credit. FHA borrowers were told they could use the loan as a down payment on their homes, but legal issues prevent banks from issuing down payment assistance on FHA mortgages.

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The revised rules state FHA home loan applicants can still apply for these bridge loans, but the loans cannot be used to meet the FHA’s minimum 3.5% down payment. The money can be used for other expenses or be paid on top of the required down payment; and putting an additional $8000 down on your FHA mortgage beyond the required 3.5% is a good thing.

Feds should do more to help underwater borrowers: Moody’s Homebuyer Center | IHDA Mortgage | Downpayment Assistance. – The MCC entitles the borrower to take a federal income tax credit. The tax credit is in the amount of 25% of their paid mortgage interest. The MCC is registered with the IRS, and is effective year after year (up to 30 years), as long as the homeowner resides in the home and continues to pay mortgage interest on the initial loan.

The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.