Zaida Patel, Realtor ----- Blog Website » mortgage http://zaidapatel.com DRE # 01426152 ------ Viking Realty Fri, 02 Apr 2010 22:15:11 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Tax Credit $8000 on FHA Mortgage http://zaidapatel.com/2009/06/05/hud-tax-credit-8000-for-first-time-ho/ http://zaidapatel.com/2009/06/05/hud-tax-credit-8000-for-first-time-ho/#comments Fri, 05 Jun 2009 19:28:01 +0000 Zaida Patel http://zaidapatel.com/?p=83 According to the California Association of Realtors, qualified, first-time home buyers using a Federal Housing Administration (FHA)-insured mortgage now can apply the $8,000 federal tax credit toward their down payments, the U.S. Dept. of Housing and Urban Development (HUD) recently announced.

Currently, borrowers applying for an FHA-insured mortgage are required to issue minimum down payments of 3.5 percent. Buyers still must issue the mandatory 3.5 percent down payment, but the tax credit now can be used as an additional down payment, or for other closing costs, which can help lower principal balances and monthly payments.

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