More on the $8,000 new-buyer tax credit
Eileen Ambrose, the Sun's personal finance columnist, offers some details about putting the $8,000 first-time homebuyer tax credit toward down-payment or closing costs. Who qualifies, how big the mortgage can be, where you can call for more information, etc. Her column is here.
And remember, this doesn't reduce the minimum down-payment requirement:
The advance can't be used for the 3.5 percent down payment required under FHA-insured loans. But it can be applied to other purchase costs or to make a bigger down payment, thereby reducing your monthly mortgage payments.
Anyone out there planning to use the credit this way?