Federal Income Tax Credit for first time home owners (mortgage, mortgage, claim)
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I am looking into the first time home owner tax credit and wondering if anyone else has done it or done something similar. From what I read you can get up to 8,000 dollars back on your taxes as well as in some cases having no down payment.
Has anyone done this or heard anything about this?
I'm not sure whether this is the right spot. But being as I am a Minnesota Resident I want to know if people have done it in the Minnesota area. If this is the wrong spot, please tell me the correct place to put it.
Thanks!
Last edited by DaveSMN; 06-17-2009 at 03:22 PM..
Reason: Forgot some info
The $8,000 tax credit can be used for closing costs, not down payment. There are local programs - that a local real estate professional (Realtor/loan broker) could help you with.
Ask your friends for a referral to a local real estate professional. Or do a search for a local professional on sites like epronar.com then browse the directory up at the top.
You can get no down payment program through VA if you are a vet or the USDA program for rural areas. Otherwise FHA at 3.5% down is going to be the least down payment program out there. You cannot use the tax credit for your down payment.
The tax credit is national so location doesn't matter.
FHA seems like the best way for someone in my situation.
3.5% down payment and closing costs. I have been told that sometimes (don't count on it) you can get the seller to pay the closing cost as a part of the deal.
We just spoke with a Mortgage Broker and are going to talk to a Realtor on Sunday. I will let you know how it goes.
I was also just looking for anyone who was a first time home owner and who did file for that tax credit. Just wondering if it all went as smoothly as everyone says.
Hello! We recently bought a house for 71,500. I am in the process of amending my taxes to include the purchase of the house for the tax credit. So far all I needed was the HUD (I believe that's what it was) that has the date of the purchase, the amount purchased for and all the other details about the mortgage. I am going to meet with my accountant later this week and we are going to set it up to get the rebate. I believe we will get 10% of that cost. So far it seems really easy.
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