Home buyers' tax credit can be turned into cash at closing

You are here: Home » Business »

Home buyers' tax credit can be turned into cash at closing

Jun 7th, 2009 - Los Angeles Times

Related content:

Reporting from Washington -- The Obama administration has put out the official word: Starting soon, first-time home buyers nationwide will be able to turn their $8,000 federal tax credits into cash for use at closing if they use Federal Housing Administration mortgage financing.

But in its final guidelines to lenders and buyers issued May 29, the Department of Housing and Urban Development clarified that buyers obtaining FHA loans through private lenders would have to invest at least some of their own funds -- whether from personal savings or gifts from relatives -- in the form of a minimum 3.5% down payment.

Read the whole story on Los Angeles Times or try our Toolbar

Comments:

FHA Adds Down-Payment Options to Housing Credit
May 29th, 2009 - Washington Post
First-time home buyers can now use a federal tax credit worth up to $8,000 to help cover a down payment and other upfront costs if they are taking out a loan backed by the Federal Housing Administration.
Thud From HUD
May 29th, 2009 - Forbes
It was too good to be true: The government will not be offering no-down-payment loans. Housing and Urban Development Secretary Shaun Donovan announced Friday that the.
FHA Policy On Tax Credit More Limited Than Expected
May 29th, 2009 - Wall Street Journal
(Updates with comment from National Council of State Housing Agencies in 19th and 20th paragraphs.) WASHINGTON (Dow Jones)--U.S. housing officials rolled out the details.
New FHA Policy On $8K Tax Credit More Limited Than Expected
May 29th, 2009 - Wall Street Journal
WASHINGTON (Dow Jones)--U.S. housing officials rolled out the details of a plan to allow borrowers who use Federal Housing Administration financing to apply a federal home buyer tax credit toward a home purchase.
HUD: Stimulus tax credit can be used on first-home purchase
May 29th, 2009 - bizjournals
First-time homebuyers can apply their tax credit of up to $8,000 under the federal stimulus program toward the purchase of an FHA-insured home through short-term loans, U.S.