FHA Preps Tax Credit for Down Payment Use

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For FHA lender-supplied cash advances, you’ll be able to use the $8,000 credit – or whatever size credit you qualify to receive – for settlement fees, escrow charges, higher down payments or to.

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The Problem. Our borrowers were purchasing a new home for $200,000 using an FHA Loan, and the closing was scheduled for Friday morning. In the sales contract, the buyer and seller had agreed the seller would pay for $5,000 of the closing costs due from the buyer.

The bad news, for those hoping that the initiative would allow homebuyers to buy a home with nothing down, is that the tax credit can’t be used to meet the FHA’s 3.5 percent minimum down.

Offers a deferred-payment junior loan of an amount not to exceed the greater of $7,500 or 3.5% of the sales price or in CalHFA-defined high cost areas an amount not to exceed the greater of $15,000 or 3.5% of the sales price. Assistance can be used for down payment and/or closing costs. MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

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then FHA Guidelines On Property Tax Prorations And Sellers Concessions state that the $3,000 in property tax prorations can be used towards the down payment on this home buyer’s home purchase The net due at closing on this home purchase is $3,500 less the $3,000 in property tax prorations or $500

The no-money-down VA loan is all but dead. But the FHA loan is a good vehicle if you have less-than-stellar credit. Find a housing counselor at www.hud.gov. Finding the cash cow. Even if you don’t.

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The process of applying the tax credit toward down payment, called ‘monetization’ in the industry, allows for FHA-qualified borrowers to use the tax credit to obtain a government-insured mortgage.

Review finds FHA mortgage insurance fund short $13.5 billion · Private mortgage insurance vs. fha loan mortgage insurance.. If you’re short the 20% down payment from your own resources, you can get a gift from a family member for the full amount of the down payment, or just a portion of it..