Sharon Nicholson

$8000 Tax Credit Can Be Used for Down Payment/Closing Costs in Jackson TN

06-01-09

There seems to be alot of confusion about the FHA $8000 tax credit. Per Mortgage Letter 2009-15, the second lien may not exceed the total amount needed for the DOWN PAYMENT, CLOSING COSTS, AND PREPAID EXPENSES.

However, the downpayment required MAY NOT consist of any funds provided by the mortgagee, the seller,or any other person or entity that FINANCIALLY BENEFITS FROM THE TRANSACTION.

That seems to be where the confusion is coming from. The purpose of the tax credit is to provide the borrower an asset to meet the downpayment/closing cost requirements, but it is in the form of a second mortgage. Some of the entities providing the purchase of the second do have their own debt to income guidelines as well as first time homebuyer education requirements, so be sure to be on the lookout for those bypes requirements.

Sharon Nicholson, Mortgage Consultant, Assured Funding Corp., Jackson TN

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Sharon Nicholson
Southwest Funding

Sharon Nicholson: Mortgage Company in Jackson, TN

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