Frequent Contributor
Posts: 265
Registered: ‎07-24-2009
Re: Question about FHA and loan eligibility

SonorityGenius wrote:

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)


 

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.