In regards to FHA loans, a borrower can only obtain monies for their actual down payment of 3.5% by the following :
– Your own funds in your bank account seasoned for two months.
– A 100% gift from a relative/family member.
– From an FHA approved non-profit Federal, state, and local governmental
– Monies from your employer in the form of employee contribution
– Monies from secured borrowed funds, i.e. borrowing equity from your home to buy another home or borrowing against your car that is free and clear or borrowing from your 401-k, etc.
Specifics on the $8,000 First Time Home Buyers Tax Credit -
First Time Homebuyers – Definition of a first time home buyer - someone who has not owned a home 3 years previous to January 1st, 2009. This tax credit is good for any first time homebuyer buying after December 31st, 2008 and up to November 31st, 2009. Per the irs.gov website, you may qualify to receive this credit if you meet the following:
"... qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and your spouse if you are married, did not own any other main home during the three-year period ending on the date of purchase."
The $8,000 tax credit was revised in the 2009 stimulus bill.
Here’s what you need to know:
– The maximum tax credit is $8,000 for either a single taxpayer or a married couple filing jointly. It is 10% of the purchase price. So in order to get the maximum credit, the purchase price must be $80,000 or more.
– The $8,000.00 tax credit can’t be used if you are buying a home from a close relative, which is to include a spouse, a grandparent, child, or even a grandchild.
– You can only use this tax credit for your primary home, not for a second home or an investment property.
– Purchasers who utilize revenue bond financing can use this $8000 credit. – If you sell your home within 3 years of the purchase date, the entire credit is recaptured.
There are a few ways to obtain this $8,000 tax credit for first time home buyers. You can certainly file for your monies after you buy your dream house or you can file an amended return if you buy your home after April 15th.
– Home values are down in many areas
– So many foreclosures to choose from especially in our state
– Mortgage interest rates are low - interest rates fluctuating from 4.5% to 6.00%
– $8,000 first time homebuyers tax credit - Up to $8,000 depending on your purchase price
Call me if you have any further questions 321-243-4917 JoAnn Papsidero - Mortgage & Real Estate Professional & Florida Realtor
