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Topic: Obama Stimulus plan, is the stimulus plan really there?< Next Oldest | Next Newest >
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mncowgirl Search for posts by this member.

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PostIcon Posted on: Sep. 23 2009,9:02 am  Skip to the next post in this topic. Ignore posts   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?
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Albert Lea
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PostIcon Posted on: Sep. 23 2009,9:54 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
First-Time Home Buyer Tax Credit
http://www.federalhousingtaxcredit.com/2009/index.html
Good Luck :D
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PostIcon Posted on: Sep. 23 2009,10:30 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(mncowgirl @ Sep. 23 2009,9:02 am)
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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.
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PostIcon Posted on: Sep. 23 2009,11:46 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   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?
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PostIcon Posted on: Sep. 23 2009,11:50 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
I havn't heard of it.  I'll trying googling it but do you have a link in case it doesn't pop up?
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PostIcon Posted on: Sep. 23 2009,11:51 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

(mncowgirl @ Sep. 23 2009,11:46 am)
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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.
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PostIcon Posted on: Sep. 23 2009,11:57 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
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.
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PostIcon Posted on: Sep. 23 2009,4:25 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
There's a stimulus plan???

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PostIcon Posted on: Sep. 23 2009,7:12 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE
Stimulus?  Didn't you get the word? :laugh:

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PostIcon Posted on: Sep. 24 2009,12:19 am Skip to the previous post in this topic.  Ignore posts   QUOTE
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