Comments on: $8,000 Tax Credit Can Now Be Used for Down Payment and Closing Costs

By: Paul

Paul — Thu, 21 Jan 2010 18:53:35 +0000

Great Article!! I enjoyed reading this and appreciate you taking the time to post it!

By: larry@delawaremortgagerates.org

larry@delawaremortgagerates.org — Sat, 26 Dec 2009 18:49:36 +0000

As a conservative, I am a bit torn by the Home Purchase tax credit. I definitely was against the Cash for Clunkers program. I thought that was totally rediculous. I suppose this housing tax credit has it’s merits.

Using it for a down payment is a Catch 22 situation. Since it takes 3 mths or longer to get your check, where does the money come from to actually make the down payment at closing? Some states are offering a program to facilitate this….
.-= larry@delawaremortgagerates.org´s last blog ..DE Mortgage Rates =-.

By: Monica@ New Jersey Car Insurance

Monica@ New Jersey Car Insurance — Tue, 17 Nov 2009 15:08:41 +0000

Some loan officers are also wondering about monetizing the $8000 tax credit. Remember that this is the best time to become a first time home buyer. The interest rates have gone very low and there are many homes for you to choose from. Do not miss this opportunity to get a home loans and become a home owner. Keep in mind that this plan applies only to the first time home buyers and not to all people. .-= Monica@ New Jersey Car Insurance´s last blog ..Consideration in New Jersey Car Insurance =-.

By: jo

jo — Wed, 12 Aug 2009 16:42:15 +0000

I’m planning on getting a fha loan but, will need a co-signer. If I get a co-signer, am I still eligible for the 8,000 tax credit if the co-signer is not a first-time home buyer?

By: Scott@Chicago Attorney

Scott@Chicago Attorney — Fri, 24 Jul 2009 01:32:19 +0000

I think this was a good move by Obama to help jump start the housing market. Lord knows it’s going to take a lot of work to get it going where it needs to be again.

By: Getting a Bank Loan Modification Will Keep You in Your Home!

Getting a Bank Loan Modification Will Keep You in Your Home! — Fri, 10 Jul 2009 20:13:18 +0000

Most lenders will want a detailed accounting of the homeowners’ finances, or a financial worksheet, to accompany the hardship loan modification letter. They usually want proof of income such as current pay stubs, tax returns and bank statements. Each mortgage lender will have their own requirements and they will likely vary from lender to lender.

Many homeowners will enlist the help of an attorney or a loss mitigation specialist to help with the preparation of the modification request. These professionals often have a better idea of what the mortgage lender is looking for and can advise the homeowner accordingly. An experienced foreclosure attorney or loss mitigation specialist will be able to put the request package together in such a way that the lender will give the hardship loan modification request serious consideration.

By: Adam Alfia

Adam Alfia — Tue, 07 Jul 2009 15:02:29 +0000

I hadn't heard of the new $8,000 incentive from Obama – this should help mortgage lenders and financial markets out by encouraging payment (instead of simply defaulting). I'm worried about the effect it'll have on the opposite end of the spectrum, as this would simply require printing money. With no one purchasing t-bills to back freshly printed money, this might not work at all.

By: Adam

Adam — Fri, 03 Jul 2009 17:36:22 +0000

I am involved with a BNI referal group, and a number of members have mentioned the $8000 credit…it really is a great selling point at this point in time.