Heath's Blog

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Use the $8000 tax credit fro a down payment!

It appears that the new tax credit of $8000 can be used for a down payment.  There is some confusion about how it all works, and more confusion about whether the tax credit can be used.

One newspaper in AZ reported a fairly even report about the issue.  The comments also give a few different perspectives about the usefulness of applying the credit to a down payment.

Whether it is used as a down payment or as a tax credit, it is still eight grand toward a new home!  In my area, the foreclosures can all use $8K in fixes, so allowing that credit to be used as a down payment so the buyer can use their cash to fix things doesn't seem all that bad an idea.

If you know someone who hasn't owned a home in the last three years, they qualify as a first time buyer and can get the credit.

Happy listing and selling!

 

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
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@CapeGroup  Skype: heath.coker

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Comments

Heath ... The tentative letter on this from HUD is confusing.  It is my understanding that HUD has now rescinded its prior approval for use of the $8000 income tax credit, which now cannot be used as down payment.  Please check it out.  Thanks for the post.

Posted by Harrison K. Long, REALTOR , GRI, Broker associate, Attorney (HomeSmart, Evergreen Realty) almost 11 years ago

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