FHA Preps Tax Credit for Down Payment Use

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Real Estate Tax Credit-Borrower’s Own Funds: Under the new FHA Guidelines, are lenders permitted to use a seller real estate tax credit when calculating sufficient funds for closing? Answer: FHA requires borrowers to have sufficient assets for down payment and closing without the use of the seller tax credit.

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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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Mortgage lenders want to be sure you’re able to pay back what you borrow, so they focus on things such as your credit score and history of on. Mortgage lenders use your pre-tax, or gross income,

FHA Preps Tax Credit for Down Payment Use FHA considers down payment requirements Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S.

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then FHA Guidelines On Property Tax Prorations And sellers concessions state that the $3,000 in property tax prorations can be used towards the down payment on this home buyer’s home purchase The net due at closing on this home purchase is $3,500 less the $3,000 in property tax prorations or $500

Many first-time buyers can qualify for an FHA loan (and only put 3.5 percent of the purchase price down). Having a lower down payment helps alleviate. I had also saved up any bonuses and tax.

FHA and the $8000 Tax Credit – what I know and what I don’t.. Government agencies and non-profits can do second liens against the house for the downpayment. The payments on that second lien need to be counted into qualifying rations. In other words, if you are going to borrow the $8000 so you can use it for your down payment, you need to be able to pay that amount back. Gee, there’s a novel concept.

Assuming everything in your application is put together as it should be, you should expect good news if your credit score is in line with the minimum FHA credit requirements. received a cash gift.