Comments on: HUD says $8,000 tax credit can be used for downpayment! http://lehighvalleyrealestatenews.com/first-time-buyers/hud-says-8000-tax-credit-can-be-used-for-downpayment/ Real Estate Related Information Related To The Greater Lehigh Valley Area PA Tue, 25 Aug 2009 06:18:15 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: admin http://lehighvalleyrealestatenews.com/first-time-buyers/hud-says-8000-tax-credit-can-be-used-for-downpayment/comment-page-1/#comment-50 admin Tue, 25 Aug 2009 06:18:15 +0000 http://lehighvalleyrealestatenews.com/?p=88#comment-50 UPDATE: YES, you can use Part of the $8,000 Tax Credit to buy your new home. Very few banks are doing this program. It is a PHFA loan and has a higher interest rate than a traditional FHA loan. PHFA will lend you up to $5,000 of the $8,000 to use towards your donw payment. Your total mortgage would end up being approx $100 higher with this program. So it's not as good as it sounds. It will be harder for you to qualify for the higher payment. And if you DO qualify for the higher payment, your better off putting down the 3.5% and buying a nicer home for the same money! If you are buying a home here in thge Lehigh Valley, and your bank, or your mortgage company do not know about this program, or do not want to assist you, you may want to consider working working with somoene else. Chris Hofman, Realtor 610-533-4549 UPDATE:

YES, you can use Part of the $8,000 Tax Credit to buy your new home. Very few banks are doing this program. It is a PHFA loan and has a higher interest rate than a traditional FHA loan. PHFA will lend you up to $5,000 of the $8,000 to use towards your donw payment.

Your total mortgage would end up being approx $100 higher with this program. So it’s not as good as it sounds. It will be harder for you to qualify for the higher payment. And if you DO qualify for the higher payment, your better off putting down the 3.5% and buying a nicer home for the same money!

If you are buying a home here in thge Lehigh Valley, and your bank, or your mortgage company do not know about this program, or do not want to assist you, you may want to consider working working with somoene else.

Chris Hofman, Realtor 610-533-4549

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