Sunday, May 31, 2009

FHA Buyers and the $8,000 Tax Credit

There is some confusion whether this $8000 can be used towards the 3.5% down payment requirement for an FHA loan. Well, it appears this cannot be used towards your 3.5% down payment. However, you can get a tax credit advance to be used as an additional down payment, to buy down your interest rate, and towards closing costs.

Talk to your lender to get the details. You can also read the details here.

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