FHA Preps Tax Credit for Down Payment Use

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FHA loans have a minium down payment requirement as low as 3.5%. This amount excludes any closing costs, as closing cost payments may not be counted as part of the downpayment: Closing costs (non-recurring closing costs, pre-paid expenses, and discount points) may not be used to help meet the borrower’s minimum required investment.

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The Federal Housing Administration is the main source of low down payment. loan is that it does offer a low down payment for borrowers with strong credit scores.. to the taxes you'll pay if you use a retirement account, there's also a gift tax.

Previous tax credits for first time home buyers had different terms. loan down payment, you'll be required to use the tax credit to pay off the.

In other words, you can’t use money obtained solely on your expectation that you will be getting this tax credit to FHA’s 3.5 percent minimum down payment requirement. But you can use it to make an additional down payment and for closing costs. And your eligibility for the tax credit may help you obtain a soft second loan from a state HFA.

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For borrowers who need income now, you can choose fixed monthly payments. This can be in tandem with an additional line of credit. your financial planner and tax professional. You’ll want to have a.

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The Department of Housing and Urban Development announced those using FHA lenders and HUD-approved non profit agencies are eligible to take advantage of the 2009 First Time Homebuyers Tax Credit in a new way–as part of the down payment. The 2009 tax credit for first time homebuyers provides a tax break totaling 10% of the purchase price of the home with a maximum tax credit of $8000.

One way to increase how much you put down is with your tax refund. This money, which you likely receive once a year, can help increase your ability to put the necessary down payment on a home. How to Handle your Tax Refund. If you plan to use your tax refund for a down payment, you have to follow very strict procedures.

Besides the usual mortgage application information, the lender is likely to require some extra paperwork from you, based on FHA guidelines:.