LOL you are a wacko, they can apply that money towards the down payment, BUT they have to come up with the required 3.5% downpayment for FHA on their own, This would just be them putting more money down just for the h*** of it, I think that with rates where they are the home buyer is better off putting the money aside, I hope you are not a finance manager.... Probably a good reason I had not heard of the tax credit being used this way, BECAUSE NOONE in their right mind would use it this way...
Please learn your facts, I have helped several first time buyers find homes in the last couple of months that would still be waiting if the tax credit did not exist. As for using the money as a down payment, if you are required to do that you need to find another Realtor. In this market it is still a buyers market and FHA will allow a total of 6% of the purchase price to go towards the buyers closing and there is no reason for a buyer to not get that in this market AND that is worst case if the home falls outside of the USDA 100% financing map. So if they are allowing that, it is not the way it was meant to be nor the way it sould be used in this market. Also I think that the Tax Credit for ANY buyer that the Republicans forced out of the bill would have been a better stimulus. Did you watch the Bush Video? Can you admit that might have been a BIG reason for the problems in the 1st place? Can you admit it?
"""I can assure you I know alot more about the Real Estate market than you."""
And you didn't know the FHA will advance the payment?? Wow, I hope you're not and RE agent.
>>>Fannie and Freddie are the democratic congress's problem. Just last week congress now wants them to go to 125% loan to value. Another time bomb!!
You are kidding yourself if you think Bush gave a crap about the poor.
Ps, Bush got in twice because the dems put up poor candidates. Obama got in because McCain didn't deserve it. Period.
I'm all for Obama, and I will give him credit when it's due. He ain't close yet because not one program has worked yet.
Not true, please learn the facts before commenting. The FHA now will pass that money right away. Why? Because the program you just explained didn't work!!!!
There's talk of taking the break to $15k so as of right now everyone is waiting and sales are slowing down.
Why is real estate still going down if the programs are working???
""""?May 20, 2009
FHA to Allow 8K Tax Credit As Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development has announced that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.""""""
BTW just to educate YOU, the 8K Tax Credit is not a down payment, they get this money after closing when they file their next tax return or amend their last one, this money provide a new first time home buyer with 8K in the bank as a cushion, so if they are smart, they have a nice buffer in the event they need fall back money, of course people's intelligence as demonstrated on here is not always a good place to put your faith...
You asked and I gave answers, you do not like answers, so you make it a personal attack, what a surprise.... When does your church service take in on Sunday??? I know how the economy is supposed to work, BUT when it was run into the ground the way it was, and you have a surplus of houses on the market you have to get people buying somehow, I can assure you I know alot more about the Real Estate market than you. The housing bubble might have started under Clinton, but he did little compared to the Bush policy for homeownership that took the regulations out of home loans and backed them with Fannie and Freddie. If you do not think I am right Youtube "Home Ownership and President Bush", you will see the time and then if you were to look back at home values you would see that right after this policy had time to take effect, demand for houses went up, and with that increased demand prices blew up, too bad by "dumbing down" mortgages Bush was filling the market with unqualifies buyers and we all knwo how things turned out once builders caught up with demand and prices stopped going up, see I can admit when things are not good like I said Clinton had his hand in the bubble a little, and NAFTA is a train wreck, but Obama has not had a chance to prove or disprove his policies so anything you say is just spoken out of A.) Hate B.) Ignorance C.) You Being Bitter that your Guy Lost. As for the car companies I am sure dispite that hick song Shutting Detroit Down, I am sure that most of the autoworkers are glad that Obama has stepped in and they will still have jobs going forward, a small rough patch is better than going from a $50 an hour job to an $8.75 one. Now I am clearly a dumb @#$@ and I have no idea about supply, demand, catalysis, credit, employment, or politics. I just wish you would say something that had substance instead of just posting BS with no backing and personal attacks.... Like I said Jr. Sit Back and Shut Up and I Will Let You Know When We Get There.....
You're frigging clueless. He has accomplished nothing except give things away.
You're have no idea how an economy is supposed to work, if you think giving someone $8k to buy a house is the answer you're nuts.
Let's see if these poor assholes who need someone else's money for a downpayment can afford that house next year when they don't have a job.
Chysler is a an failure, why do you think it went to Fiat? Tell me in five years if it's worth it and if our money was well spent.
You simply are a fuckin moron so I'm not one bit surprised you think he's doing good.
Well if you are a first time home buyer between now and December you get a $8000 tax credit (this has sparked buying in my area) He has started to mend broken relationships around the world (Bush tore them down) Chrysler is looking like it will come out of BK looking pretty good, The banking system has not completely failed. We have not been attacked by terrorist on his watch (oh yeah it is true, could Bush say that?) His keep the VP from shooting people in the face policy is working out pretty well. I just see alot more motivation and the fact that he is willing to tackle the BIG problems and not just hide out at Camp David and Crawford. He has made it a point to go after the issues and attempt to fix them,right or wrong atleast he is willing, the last 8 years the country was on auto-pilot and that is how we got here.... He is the right man at the right time, but he needs more than 6 months, W Bust had 8 years and attempted less good than we are seeing out of this administration... "Conservatives" (which Republicans are no longer) think we fear Palin, but Palin is a joke to us, the truth is Republicans fear Obama, because they have noone that can beat him in an election and know that they will be in the back seat asking "are we there yet, are we there yet" for the next 7.5 years... I am here to tell you SIT DOWN AND SHUT UP WE WILL GET THERE WHEN WE GET THERE!!!