Comments on: New Home Buyer 8000 Tax Credit Down Payment: Answers To Questions

By: Mindi

Mindi — Thu, 06 May 2010 16:54:36 +0000

I am in a panic. I married in 9-09 and we filed married but separte on our 2009 taxes. Per the 5405 form if you file married but separte you can amend for $4000. But the problem is, the house is totally in my name (the bank told us it would be better to run everything off my much better credit) so my husband didnt technically buy a house. So are we out $4000? What can we do to get the full $8000?? Thanks

By: mike

mike — Tue, 16 Mar 2010 22:45:17 +0000

Who are the non-profit agencies doing the bridge loans?

Thanks

Mike

By: Ron

Ron — Wed, 09 Dec 2009 16:05:07 +0000

I’d like to know if Home Grants given by the govt are similar to the 8,000 tax credit. Would you be able to use both if you received both?

By: ivan

ivan — Sat, 19 Sep 2009 16:19:09 +0000

My wife and me own a townhouse and want to by a house for my mom , she is retired and she dont sing for any income taxes , if we want to co – own it and the house is in her name , can she be elegible for the 8000 dollar credit? How can she be elegible without 1040 taxes?

By: Niraj Goswami

Niraj Goswami — Wed, 19 Aug 2009 17:32:41 +0000

My husband and me own a home and want to buy a condo for our son who is going to college and we want to co-own it. Would my son be considered first time home buyer, if the condo is in his name and can he be eligible for the 8000 dollar credit . Please advise

By: justin.mchood

justin.mchood — Fri, 31 Jul 2009 17:41:44 +0000

@Crissy,

Thanks for stopping by!

Yes. If you qualify as a new home buyer it won’t matter if the home has been foreclosed on or not — you will qualify.

Justin

By: Crissy

Crissy — Fri, 31 Jul 2009 02:40:01 +0000

Can the 8,000 tax credit being used towards buying a foreclosed home?

By: Sonny

Sonny — Tue, 21 Jul 2009 15:34:35 +0000

can first time home buyers buy from sellers who are willing to finance the property to them, if so how does it work and what is needing to be done!

By: Justin McHood

Justin McHood — Sun, 19 Jul 2009 16:46:53 +0000

@Nicole,

$10,000 in total closing costs is probably right about what closing costs and a down payment would be for a $170k loan — but the way that you want to know for sure is to get a Good Faith Estimate from your loan officer.

The Good Faith Estimate will be a breakdown of your down payment and closing costs.

The bad news is that if you *need* to do the bridge loan to use your $8000 tax credit, I am not aware of an organization who is doing this in Arizona right now.

Justin

By: Nicole

Nicole — Sun, 19 Jul 2009 08:20:43 +0000

Im stressing our Closing costs, as we have 10000 and our buying a 170,000 home. Will this be enough for closing costs and down payment? We are doing an FHA 203k. If it wont be enough how easy is it going to be to do the Bridge loan? We wont close until september so we are going to try to save as much as we can by then.