Alerts are a great way for you to stay up-to-date on things you care about. We will email you a list of the new items that match your criteria at a time of your choosing.
To my knowledge the $8,000 tax credit(not paid back) can only be taken once the property has been purchased. So you would already have paid your down and closing costs before receiving the deduction. There was a $7,500 tax credit(that has to be paid back) from April 1, 2008 through December 31, 2008 that is to be taken on 2008 returns. For more information contact an IRS agent, CPA, or http://www.federalhousingtaxcredit.com/2009/home2.html.
nvchaz,
I was told that you have to piggy back the 9% loan on the first mortgage loan, which is currently 7.25%. Maybe I was misinformed, but that is a much higher rate than what is out there and could add up to hudreds extra on the mortgage payment each month. My opinion is it would not be worth getting the $8000 extra if you're going to be paying triple or quadruple that in interest over the years on the first loan.
advertisement
... and, it's free and anonymous
Zillow® Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy
Are there any reputable down payment programs/loans still available?
sponsored by
prici
Contributions: 7
View full profile
Are there still any programs/loans that assist with downpayment costs? I know they did away with the programs such as the Nehemiah Project, but there has to be some other assistance for first-home buyers.
If you find this content is in violation of our Good Neighbor Policy, please let us know and we will review it.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.