FHA Preps Tax Credit for Down Payment Use

5 First Time Home Buyer Programs In May, 2009 new rules were issued covering the 2009 First Time Homebuyer’s Tax Credit and down payments on FHA loans. 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.

with an fha loan,can i use the 8000$ tax credit as down payment with a co signer Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information.

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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An excerpt from that speech regarding FHA’s position on the 8000 tax credit being used as a down payment: And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the "monetization" of the first-time homebuyer tax credit will soon be published.

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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.

Down Payment – The standard down payment requirements for a FHA loan is 3.5% of the purchase price. So on a $200,000 loan, the down payment would need to be $7,000. An excerpt from that speech regarding FHA’s position on the 8000 tax credit being used as a down payment: And we are taking action to further help the housing market recover.

FHA Updates Rules on 2009 Tax Credit and FHA Loan Down Payments. The tax break can only be claimed for purchases made in the 2009 tax year and is paid after the home buyer has filed an income tax return for 2009. The first round of new FHA rules appeared to let banks offer bridge loans to borrowers so they could use their IRS money as.