tag:blogger.com,1999:blog-722362587411903830.post7541552112376253729..comments2023-09-07T10:12:51.736-05:00Comments on Tulsa's Mortgage Market: $8000 First Time Home Buyer Tax Credit for FHA Down Payment? NO (and maybe)Anonymoushttp://www.blogger.com/profile/13022485631467232657noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-722362587411903830.post-32345464568918298362009-07-15T01:35:23.707-05:002009-07-15T01:35:23.707-05:00Ryan,
Thank you for your comment. I have heard tha...Ryan,<br />Thank you for your comment. I have heard that there are some agencies in some states that have speicfic programs to deal with this (maybe as many as 10). However, Oklahoma is not one of them.<br />I do keep an eye on the national market, but aim to report on what impact there will be on Oklahoma borrowers.<br />TimAnonymoushttps://www.blogger.com/profile/13022485631467232657noreply@blogger.comtag:blogger.com,1999:blog-722362587411903830.post-51882236259904182842009-07-13T18:30:03.311-05:002009-07-13T18:30:03.311-05:00Tim,
The credit CAN be used towards the 3.5% down...Tim,<br /><br />The credit CAN be used towards the 3.5% down payment IF the bridge loan comes from a party that does not financially benefit from the transaction (i.e. - A state or local government agency). There are a handful of states participating (Florida, Virginia), but I haven't heard of anything in Oklahoma yet.Ryannoreply@blogger.comtag:blogger.com,1999:blog-722362587411903830.post-1997619382717105072009-06-19T01:24:58.509-05:002009-06-19T01:24:58.509-05:00Micha,
Thank you for your comment. You are correc...Micha,<br /><br />Thank you for your comment. You are correct. This can be confusing becuase there are some that are still trying to sell the fantasy that the credit can get you 100% financing. The simple truth is that HUD will not allow this on FHA loans. The buyer/borrower must still have 3.5% of his own (or gift) money for a down payment. Period. The tax credit can only be used as extra down or toward costs and then only as collateral against an additional loan. At present, there are still no lenders offering to allow these silent second mortgages to be used.<br /><br />Bottom Line - contact a mortgage professional that will tell you the truth instead of one only trying to sell you a loan.<br /><br />TimAnonymoushttps://www.blogger.com/profile/13022485631467232657noreply@blogger.comtag:blogger.com,1999:blog-722362587411903830.post-45702500917941469612009-06-17T03:32:32.647-05:002009-06-17T03:32:32.647-05:00I'm really all confused now. Some sites say, y...I'm really all confused now. Some sites say, yes the first time homebuyer tax credit can be used for down payments, while some others (including yours) say it can't.Michahttp://financialstabilitytrust.org/noreply@blogger.com