Comments on: Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. – NOT So FAST! http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/ The Skinny From A Top Player In The Mortgage World Wed, 09 Nov 2011 19:20:00 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Sofia Baker http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-1545 Sofia Baker Tue, 13 Jul 2010 02:04:42 +0000 http://www.myequitypro.com/?p=1444#comment-1545 i had a bad credit score last year but i was able to fix it now.'~" i had a bad credit score last year but i was able to fix it now.’~”

]]> By: Sebastian Sanders http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-1487 Sebastian Sanders Tue, 25 May 2010 19:10:02 +0000 http://www.myequitypro.com/?p=1444#comment-1487 i am not a fan of having credits and getting credits cards.**' i am not a fan of having credits and getting credits cards.**’

]]> By: liane burns http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-1418 liane burns Wed, 21 Apr 2010 02:49:16 +0000 http://www.myequitypro.com/?p=1444#comment-1418 Can you use the $8,000 tax refund as reserves? You can't use a future tax refund as reserves but can you use this tax refund as reserves since you are going to get it. if your tax return is already filed and you amend your return after you close- and you show the underwriter your future amended return- can you use the $8K as reserves for your loan Can you use the $8,000 tax refund as reserves? You can’t use a future tax refund as reserves but can you use this
tax refund as reserves since you are going to get it. if your tax return is already filed and you amend your return after you close- and you show the underwriter your future amended return- can you use the $8K as reserves for your loan

]]> By: Payment Remittance http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-1129 Payment Remittance Tue, 18 Aug 2009 12:11:32 +0000 http://www.myequitypro.com/?p=1444#comment-1129 Hi, Just found your blog on Technorati & Digg upcomming news feeds and read a few of your other posts. ISeems good contents,Keep up the good work. Look forward to reading more from you in the future. Thanks, Michael Hi,

Just found your blog on Technorati & Digg upcomming news feeds and read a few of your other posts.
ISeems good contents,Keep up the good work. Look forward to reading more from you in the future.

Thanks,
Michael

]]> By: What’s an HVCC and How does it Affect the Real Estate Market? | Real Central VA http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-970 What’s an HVCC and How does it Affect the Real Estate Market? | Real Central VA Mon, 08 Jun 2009 10:37:26 +0000 http://www.myequitypro.com/?p=1444#comment-970 [...] those of us primarily working with FHA First-Time Home Buyers, we’re also keeping tabs on the $8000 Tax Credit being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed [...] [...] those of us primarily working with FHA First-Time Home Buyers, we’re also keeping tabs on the $8000 Tax Credit being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed [...]

]]> By: BloodhoundBlog.com | Why Real Estate Agents Should Stop Playing Loan Officer | National real estate marketing and technology blog | Realtors and real estate, mortgage and investment news http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-967 BloodhoundBlog.com | Why Real Estate Agents Should Stop Playing Loan Officer | National real estate marketing and technology blog | Realtors and real estate, mortgage and investment news Sun, 07 Jun 2009 00:29:35 +0000 http://www.myequitypro.com/?p=1444#comment-967 [...] those of us primarily working with FHA First-Time Home Buyers, we’re also keeping tabs on the $8000 Tax Credit being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed [...] [...] those of us primarily working with FHA First-Time Home Buyers, we’re also keeping tabs on the $8000 Tax Credit being used as a down payment, as well as how long the Fed plans on purchasing Mortgage Backed [...]

]]> By: Ed BIsquera http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-963 Ed BIsquera Wed, 03 Jun 2009 18:11:15 +0000 http://www.myequitypro.com/?p=1444#comment-963 William, thanks for a well written blog post about this homebuyer tax credit update and the fact according to the HUD's Mortgagee Letter that basically any advance/loan against the $8000 Tax Credit CANNOT BE USED for the 3.5% down payment. I understand many states offer a way to get a mini loan through grants / 2nd lien loans, paid back via the $8000 tax credit, but haven't really heard much of its' usage. Many people are touting that the FHA has said they will allow usage of the Tax Credit towards the down payment, but as of now, according to the letter you quoted yourself from HUD, THE TAX CREDIT CAN'T BE USED IN LIEU OF BORROWER'S OWN 3.5% funds need for down payment. Thank you for setting the record straight William. All the best to you. Fellow mortgage pro, Ed Bisquera Follow me on <a href="http://twitter.com/edbisquera" rel="nofollow">Twitter @edbisqeura</a> William, thanks for a well written blog post about this homebuyer tax credit update and the fact according to the HUD’s Mortgagee Letter that basically any advance/loan against the $8000 Tax Credit CANNOT BE USED for the 3.5% down payment.

I understand many states offer a way to get a mini loan through grants / 2nd lien loans, paid back via the $8000 tax credit, but haven’t really heard much of its’ usage.

Many people are touting that the FHA has said they will allow usage of the Tax Credit towards the down payment, but as of now, according to the letter you quoted yourself from HUD, THE TAX CREDIT CAN’T BE USED IN LIEU OF BORROWER’S OWN 3.5% funds need for down payment.

Thank you for setting the record straight William.

All the best to you.

Fellow mortgage pro, Ed Bisquera
Follow me on Twitter @edbisqeura

]]> By: Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. - NOT So FAST! http://www.myequitypro.com/2009/06/02/using-the-8000-first-time-homebuyers-tax-credit-as-a-down-payment-not-so-fast/comment-page-1/#comment-958 Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. - NOT So FAST! Tue, 02 Jun 2009 21:47:50 +0000 http://www.myequitypro.com/?p=1444#comment-958 [...] News Sources wrote an interesting post today onHere’s a quick excerptI am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented it and feel it will only be available towards the Closing Cost not the 3.5% required down payment. Most borrowers will still have to come up with the FHA’s required 3.5 percent down payment, [...] [...] News Sources wrote an interesting post today onHere’s a quick excerptI am sure you have heard all the Hype about the new ability about Using the $8,000 First Time Homebuyers Tax Credit as a Down Payment. Not so FAST! As a lender on the Broker side I am all over this; I have queried multiple lenders and have included there response. In short not one lender has implemented it and feel it will only be available towards the Closing Cost not the 3.5% required down payment. Most borrowers will still have to come up with the FHA’s required 3.5 percent down payment, [...]

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