Orlando Hooks » 2009 » July http://orlandohooks.com Realty World - Viking Realty Fri, 21 Jan 2011 02:45:30 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Tax credit can be used as additional down payment http://orlandohooks.com/2009/07/05/tax-credit-can-be-used-as-additional-down-payment/ http://orlandohooks.com/2009/07/05/tax-credit-can-be-used-as-additional-down-payment/#comments Mon, 06 Jul 2009 04:25:35 +0000 Orlando Hooks http://orlandohooks.com/2009/07/05/tax-credit-can-be-used-as-additional-down-payment/ Qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the Dept. of Housing and Urban Development (HUD) announced today.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Previously, FHA-approved lenders were not allowed to monetize the tax credit as part of the 3.5 percent; however, under the new guidelines announced this afternoon, borrowers now can use the tax credit as additional down payment, or for other closing costs.

C.A.R. has been informed that no lenders in California are offering the monetization of the tax credit. C.A.R. will continue to follow this issue and work to convince lenders to make these products available to borrowers.

For more information, please visit: http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

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