According to a press release issued today by HUD, using the $8000 first time buyer credit as your down payment is back on: For Release Friday May 29, 2009 The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access… Continue reading First Time Buyer Credit as Down Payment on Again?

Keeping in mind that everyone’s situation is different and qualifications vary from buyer to buyer but if my understanding of the First Time Buyer Credit and FHA financing is correct, the government will pay qualified buyers to buy a qualified property.  A qualified buyer in this case is FHA approved, is considered a first time… Continue reading FHA Loans, Condos in Portland and the First Time Buyer Credit

There are hundreds of forums outlining the $8000 First Time Buyer Credit.  I’ve been really careful not to give tax advice and have referred you directly to the IRS Form 9054 in my previous post regarding the tax credit.  There are many forums where the advice given seems to counter the information on the IRS… Continue reading Do I Have to Pay the $8000 First Time Buyer Credit Back?

***Update: No longer true.  New post 5/20/09. The US Department of Housing and Development has approved a plan which will allow qualified buyers to put their $8000 first time buyer credit towards their down payment.  It must be used in conjunction with and FHA loan.

Here’s some more information on using the first time buyer credit at closing: Under the guidance, FHA-approved lenders can develop bridge loans that home buyers can use to help cover their closing costs, buy down their interest rate, or put down more than the minimum 3.5 percent. The loans can’t be used to cover the… Continue reading More on the $8000 First Time Buyer Credit