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Posts Tagged ‘purchase’

Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. According to Secretary Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. For the first time, eligible home buyers will be able to access the funds immediately at the closing table. Read More

Since you don’t need a down payment with the USDA Rural Guarantee Home Loan, why don’t you use the $7,500 tax credit to fix the things you would like to in your new home? The $7,500 tax credit creates a lot of interested in program, especially now as there are some major changes in talks that are included in both the House and Senate version of the Stimulus Bill. First of all, let me stress that there currently are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk extending this window as part of the Stimulus Bill, but nothing has happened yet. There is also talk of expanding the credit to $15,000.

Next, the credit is currently only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. This also might change. Read More