Topic: Obama Stimulus plan
started by: mncowgirl
Posted by mncowgirl on Sep. 23 2009,9:02 am
I was reading on the internet that part of Obama's stimulus plan that not only can you get a $8,000 tax credit back if you purchase a home this year but you can also get up to $10,000 to help on a down payment on a home it talks about it but does not say how to get it, does anyone know about this and how to apply for the down payment plan?
Posted by alcitizens on Sep. 23 2009,9:54 am
First-Time Home Buyer Tax Credit< http://www.federalhousingtaxcredit.com/2009/index.html >
Good Luck
Posted by Common Citizen on Sep. 23 2009,10:30 am
(mncowgirl @ Sep. 23 2009,9:02 am)
QUOTE
I was reading on the internet that part of Obama's stimulus plan that not only can you get a $8,000 tax credit back if you purchase a home this year but you can also get up to $10,000 to help on a down payment on a home it talks about it but does not say how to get it, does anyone know about this and how to apply for the down payment plan?
up to $8000 tax credit if you close prior to 12/01/09.
If you go FHA...3.5% down and the down payment can be gifted and there is no limit to the gift as far as I know.
If you go conventional, down payment can not be gifted.
Posted by mncowgirl on Sep. 23 2009,11:46 am
thanks for the info but I know how to get the $8,000 tax credit, but how do ya get the $10,000 down payment plan from Obama?
Posted by Common Citizen on Sep. 23 2009,11:50 am
I havn't heard of it. I'll trying googling it but do you have a link in case it doesn't pop up?
Posted by alcitizens on Sep. 23 2009,11:51 am
(mncowgirl @ Sep. 23 2009,11:46 am)
QUOTE
thanks for the info but I know how to get the $8,000 tax credit, but how do ya get the $10,000 down payment plan from Obama?
Check with a loan officer at your bank of choice.
Posted by Common Citizen on Sep. 23 2009,11:57 am
Just got off the phone with a couple of loan officers that I know and the $10000 does not exist through the gov't. Just the $8000 tax credit. They have received other calls with similar questions.They mentioned that there were some investors advertising that you could use your tax credit as a down payment. So it's probably a short term loan they give you for the down payment that you then have to pay back when you get your tax credit back after filing your taxes next spring.
Posted by Self-Banished on Sep. 23 2009,4:25 pm
There's a stimulus plan???
Posted by jimhanson on Sep. 23 2009,7:12 pm
Stimulus? Didn't you get the word? 
Posted by Church of the SubGenius on Sep. 24 2009,12:19 am
Bullcrap makes the flowers grow and that’s beautiful.