Anyone know of a lender using the $8000 first time home buyer credit for down payment?
Answers (6)
John D suggests this expert on this topic:
http://www.orlandofloridarealestatehomes.com/first-time-home-buyers-can-be-investors-and-get-tax-credit
read this - it might help -
Drew S
Real Estate Lending, Consulting, Management & Investing
Best Answers in: Personal Real Estate (4), Commercial Real Estate (1), Bond Markets (1)
A lender cannot use the credit. They can allow a borrower to use it via a bridge loan from a HUD approved nonprofit. HUD will not allow it to be used for minimum required down payment, only for additional down payment or closing costs.
Pat P
Attorney, Legal/Business Services Consultant, Realtor, Accredited Staging Professional
I know of at least one lender that offers an unsecured loan for $8,000 credit along with conventional & FHA loans (but, it cannot be used as the mandatory FHA down payment). The lender is in the Greater Cleveland OH Market. There must be others outside of OH.
Christina H
Seasoned Nonprofit Professional with Real Estate Development, Public and Community Relations Background
Best Answers in: Non-profit Fundraising (1)
The State of Florida has a program administered by the local governments that recieve funding that provides a loan that must be repaid.
There are changes in the works right now... you may be able to use the credit as a down payment. I think that Wells Fargo is in process of working that out...I suggest contacting them..
