The First-Time Homeowner Tax credit can be used for a down payment on a new home -- but there are some stipulations.
Homeowners may apply a federal tax credit of up to $8,000 toward the purchase of a home with an FHA-backed mortgage, however, the tax credit can't be used to meet the FHA's 3.5 percent minimum down-payment requirement.
The tax credit can be used as an additional down payment and for other closing costs, which can help borrowers obtain a lower interest rate.
In the Charlotte area, the FHA limit is currently $303,750 for qualification for the credit. Great news, for home buyers here in Mint Hill looking to buy that first home.
Would you, or someone you know like more information on taking advantage of this limited-time tax credit, please contact me at email@example.com.
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