Established Contributor
SonorityGenius
Posts: 729
Registered: ‎10-21-2007
Re: Question about FHA and loan eligibility

prioritybubble wrote:

I think some of you are confusing this $8,000 tax credit.  It's only for 10% of the sales price.   From the sounds of these boards it sounds like everyone expects to get $8,000 even if they are only buying a $100,000 house which isn't the case.

 

http://federalhousingtaxcredit.com/2009/glance.php


You need to stop spreading your paranoa. Seriously, get some help. 10% OF 100,000  = 10,000

THE CREDIT IS 10% OF SALES PRICE = 80,000 IS ALL YOU NEED FOR A MIN HOME PURCHASE.

(On your calculator, multiply 0.10 x 80,000)