Tax Credit on FHA

[Paxx]

I'm sure this question has been asked and answered before but a search of the forums didn't yield any results to my specific question so I apologize in advance.

I know you need 3.5% down for an FHA loan but can someone please verify that 3.5% is the mininum required downpayment to qualify for the tax credit this year?  We were pre-approved and getting ready to make an offer on a house but want to make sure I have all my ducks in a row.  I thought before I read something that you need more than the minium requirement for an FHA to get the tax credit.

Thanks all.

Message Edited by Paxx on 07-27-2009 01:50 PM

[Anonymous]

The Tax Credit doesn't care how much your Down Payment is.  FHA is the one who requires 3.5% down....

You can buy with no Down Payment and still get the Tax Credit...but only VA and USDA offer those terms (I think).

[Paxx]

Excellent, Thank you mel!!

Now let's see if they accept our offer!