Re: Question about FHA and loan eligibilit
08-11-2009 06:45 AM
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.
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)
THANK YOU! It's 10%! Not 1%. You don't have to buy a $800,000 house to get the $8000. That would be stupid. So, yes, people buying a $100,000 house WILL get the full $8000. My house is $105,000 and I'm getting my full amount.