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cheralexm
39 Posts |
 Posted - 07/26/2008 : 3:05:05 PM
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Does anyone know how the new tax credit will work? Is it retroactive to 4-1-08?
Also, the downpayment assistance for FHA is over as of 10-01-08. The downpayment amount increases to 3.5% and it has to be the borrower's, but what about seller concessions? Are they still 6%? And, I am really interested in hearing about how to explain the tax credit to FTHBs. Many thanks. |
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Mandyvilla
3444 Posts |
Posted - 07/26/2008 : 3:17:05 PM
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That is what everyone is trying to do.....but for much of it, we are guessing. FHA Rescue has reportedly a 3 year life - meaning, it's gone in 3 years.
The "tax credit" the way I hear it is an oxymoron. It's a tax credit that has to be paid back. Big whoop. And they said mortgages were borrowing against tomorrow. |
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cheralexm
39 Posts |
Posted - 07/26/2008 : 3:31:31 PM
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| Do you know about the seller concessions? Are they still going to be allowed? Thanks |
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Mandyvilla
3444 Posts |
Posted - 07/26/2008 : 3:52:35 PM
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I don't know how they could take those away (but anything is possible). There is already so much stink over the DPA programs being eliminated, I would think the screaming would be heard w/ loss of seller concessions.
Specifically, I have not seen seller concessions addressed, and that leads me to believe if not mentioned, no change. The DPA was never part of the concessions, but was in addition to the concessions (as far as HUD was concerned). |
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