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I have read several articles on the net that a first time home buyer can use the $8000 tax credit as a down payment for FHA loans. Can anyone advise if this is correct?

sara · Posted: Thu Nov 19, 2009 4:13 am Post subject:

Hi bettyhuck,

As per "http://www.hud.gov/news/release.cfm?content=pr09-072.cfm", you'll be able to use your $8000 first time homebuyers tax credit as a down payment for FHA loans. You can even put in more than 3.5% down payment for FHA loans using this tax credit which may help you get a lower interest rate.

Take care.

JKennedySLG · Posted: Thu Nov 19, 2009 10:01 am Post subject:

No banks are on board with this as of yet. I have not found a lender whom will allow for the use of the $8,000 tax credit to be used as down payment. So, yes they are allowing for this but it may be a tougher task finding a lender to allow this. I hope this helps...

kbkevin2009 · Joined: 28 Jul 2009 Posts: 68 17.69 Dollars($)

yes, you can use the $8,000 tax credit for down payment, but the required 3.5% down payment for FHA loan, you have to provide from your own funds...

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FIRST TIME HOMEBUYER TAX CREDIT