FHA Preps Tax Credit for Down Payment Use

 · FHA loans help you buy a home with limited credit or a reduced down payment. Learn how to qualify for an FHA loan and what to expect when you apply. The FHA loan program makes it possible to purchase a home with as little as 3.5 percent down and with a lower credit score than required by traditional mortgages.

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Eligible homebuyers who use. in these down payment assistance programs must qualify for a home loan, the credit guidelines for the programs are the same as lender guidelines for the specific loan.

In the first press release about the program, the Department of Housing and Urban Development appeared to allow home buyers interested in FHA mortgages to use a short-term "bridge loan" against their 2009 First Time Homebuyer’s tax credit. fha borrowers were told they could use the loan as a down payment on their homes, but legal issues prevent banks from issuing down payment assistance on FHA mortgages.

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But President Obama has also signed into law a tax break for first time home buyers good only in 2009. If you are contemplating an FHA loan on your first home, you may qualify for an $8,000 tax credit. Tax credits are nothing new for home buyers, but the 2009 first time home buyer’s tax credit features some important differences.

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The much anticipated and hotly contested homebuyer tax credit is officially back on, though with some big changes. Borrowers applying for an FHA loan will now be required to come up with a minimum 3.5 percent down payment, but will be able to use the tax credit for additional down payment or for other closing costs.

An excerpt from that speech regarding FHA’s position on the 8000 tax credit being used as a down payment: And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the "monetization" of the first-time homebuyer tax credit will soon be published.

FHA preps tax credit for Down Payment Use Diana Golobay was a reporter with HousingWire through mid-2010, providing wide-ranging coverage of the U.S. financial crisis. She has since moved onto.