Re: How and When to get the $8000 first time home ... - myFICO® Forums

Anonymous · ‎07-22-2009

Sorry I made the topic so long... my apartment is going to closing next Tuestday (in a week)... I would like to know:

1) What forms I should send out and if I can do this by myself w/o an account?

2) When should I send the form out? Am I too late for it since I am closing in a week?

3) Thanks for the help and tips!

Anonymous · ‎07-22-2009

Where do you live? Unless your state has its own program, you can't use the tax credit as a down payment. You can only use it to help with closing costs or to add to the 3.5% down payment that you're bringing to the table (assuming you're going FHA). I know that in my state (IL), there's now a state program allowing FHA buyers to use the credit for down payment, but they still have to bring 1% of the purchase price from their own funds. So 2.5% could come from the credit. You also have to find a lender that's willing to do this; not all of them are, and I imagine you are cutting it too close to set this up now. You could ask your loan officer and they can tell you what your options are, if any.

Anonymous · ‎07-22-2009

I am from NY, so you are saying that each state has different program. My lender told me to go to an accountant, but I am thinking to save some $ and just do it myself...

Anonymous · ‎07-22-2009

Did your lender say you could use it as the down payment? You should be able to file the amendment yourself without going through an accountant, unless you have some complicated tax situation...but unless you set something up with your lender, you have to wait until you close to file that amendment.

Anonymous · ‎07-22-2009

My lender is really useless... I just did a search on google and found out that NY state can't use the $8000 as downpay. There are only 14 states that would let you do so...

Now this is getting me scared... So my only option is to use file the admendment after closing, but does my Co-op has to be FHA appoved to get the $8000?

Anonymous · ‎07-22-2009

No, FHA requirements aren't related to the tax credit. It's its own thing.

How and When to get the $8000 first time home buyer tax deduction for down payment?

How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

How and When to get the $8000 first time home buyer tax deduction for down payment?

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How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

Re: How and When to get the $8000 first time home buyer tax deduction for down payment?

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