Accountants, Lawyers, and anyone else that is smarter than me(Most of the Board)

bradley2679bradley2679
in Everything Else
 
I"m in the process of buying a new house and will be closing within the next 30 days.  I'm pretty sure I qualify for the new $8,000 tax credit but have one question that I can't find the answer too.  Is there a minimum down payment that must be made on my house?  My loan requires a small down payment due to it being done through the FHA but does the government have any fine print that says I must pay this much down to qualify for the credit? Any information would be helpful.  Thanks to everyone in advance. 

Comments

  • KooonstyKooonsty
    I am almost positive the only requirements for that credit is that you qualify as a first time home buyer and you are not buying it from a relative. However, I have not looked into it too much myself so you will want to get another opinion.
  • NewUser123456789NewUser123456789
    Bradley, where are you buying a house at?
  • arch_8ngelarch_8ngel
    There is no down payment requirement for the credit. But in general, you need at least 20% down to avoid pissing away money on PMI.
  • KHAN GamesKHAN Games
    Pretty sure Brad told me he was buying in Gulf Breeze, Florida.
  • NewUser123456789NewUser123456789
    Gulf Breeze wow nice area, soo close to my favorite beach Navarre... Congrats Bradley!
  • jonebonejonebone
    I could be wrong, but I always though FHA loans required 3.5% down, although I do know people that bought houses with 0% down a few months back (FACEPALM).



    To qualify for the credit, there is no set price. You need to make less than 75k pre-tax if you are single, not sure what joint income amount is for married couples. Also, YOU MUST LIVE IN THE HOUSE FOR THREE YEARS, otherwise you'll have to pay the 8k back. Those are the only stipulations I know of.
  • bradley2679bradley2679
    Thanks for the input. The house is in Gulf Breeze, FL, if you are in the area hit me up.
  • KooonstyKooonsty
    Originally posted by: jonebone

    I could be wrong, but I always though FHA loans required 3.5% down, although I do know people that bought houses with 0% down a few months back (FACEPALM).



    To qualify for the credit, there is no set price. You need to make less than 75k pre-tax if you are single, not sure what joint income amount is for married couples. Also, YOU MUST LIVE IN THE HOUSE FOR THREE YEARS, otherwise you'll have to pay the 8k back. Those are the only stipulations I know of.


    This is mostly true, however the credit is really 10% of the price with a max of 8,000, so a cheaper house may not get the full credit.
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