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Are first time homebuyers allowed to use a 8000 dolllar credit towards closing and down payment?
I am hearing different stories even from lenders so I was wondering if anyone here knew? Thanks
2 réponses
- LandlordLv 7il y a 1 décennieRéponse favorite
You only can under specific circumstances.
You have to be FHA and approved for a bridge loan. You can NOT use the 8000 towards your 3.5% down or closing, but you can apply it as an additional downpayment on the property.
The credit is not 8k, that is simply the maximum allowed, the credit is offically 10% of the purchase price.
- PengyLv 7il y a 1 décennie
That possibility was floated, but it was defeated a week or two ago. Reason being Fannie Mae, and Freddie Mac, and the government agreed that people should have to have a stake in the purchase of the home so as not to easily run off on it and leave it in foreclosure
