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FHA allows loans for the $8000 home buyer tax credit

 
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melonrightcoast



Joined: 22 Feb 2009
Posts: 236
Location: metrowest

PostPosted: Fri May 29, 2009 4:28 pm GMT    Post subject: FHA allows loans for the $8000 home buyer tax credit Reply with quote

Next, the govt will let people use the $8000 as part of the down payment. Wait, isn't this part of the reason we are having so many foreclosures: buyers weren't putting enough money down (i.e. didn't have enough money) on the homes they were purchasing?

They REALLY want to keep the bubble inflated, don't they?

http://finance.yahoo.com/news/Govt-allows-shortterm-loans-apf-15382256.html?sec=topStories&pos=8&asset=&ccode=
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Brian C



Joined: 13 Feb 2009
Posts: 98

PostPosted: Fri May 29, 2009 4:49 pm GMT    Post subject: Reply with quote

I will be doing this. But of course im not the typical FTHB buyer (20% down, 3x income to home, etc). Plus increasing my federal withholding's to offset the money that needs to be paid back.

I think the money going to downpayments is a VERY bad thing. That money should be used to invest in the economy. Spend it on new furniture, or that bathroom remodel. I will be using it to buy appliances.
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melonrightcoast



Joined: 22 Feb 2009
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PostPosted: Fri May 29, 2009 5:01 pm GMT    Post subject: $8000 tax credit Reply with quote

Brian C.,

The article implied that buyers using FHA mortgages would be able to get the tax credit as a loan. With 20% down, it doesn't sound like you are getting an FHA loan. Will you be able to get the $8000 tax credit before you do your taxes next year?

My biggest issue with the $8000 tax credit is that it is a blatant attempt to keep housing prices inflated.
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Brian C



Joined: 13 Feb 2009
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PostPosted: Fri May 29, 2009 5:32 pm GMT    Post subject: Re: $8000 tax credit Reply with quote

melonrightcoast wrote:
Brian C.,

The article implied that buyers using FHA mortgages would be able to get the tax credit as a loan. With 20% down, it doesn't sound like you are getting an FHA loan. Will you be able to get the $8000 tax credit before you do your taxes next year?

My biggest issue with the $8000 tax credit is that it is a blatant attempt to keep housing prices inflated.


Oppps your right. I dont have a FHA loan.

I still be able to get the tax credit before I do my taxes next year. This was verified by my lender and father (accountant/investor).
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