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Using $8000 First Time Homebuyer credit for closing costs

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by Maluskills, Oct 8, 2009.

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  1. Maluskills

    Maluskills Law Topic Starter New Member

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    Hi everyone,

    I have heard that the $8000 first time homebuyer credit that the government passed (for first time homebuyers in contract by 12/1/09) could potentially be received at the time of closing to help with closing costs. Does anyone have other information they can help me with here to further understand this?
    I understand that at the very least, the buyer has to front the 3.5% minimum down payment, and that the $8000 cannot go towards that (We have 10% down, so this piece is not a problem), but not sure I understand how we actually get the money at the time of closing, since I wouldn't normally receive it until I filed my taxes early next year?

    To see the announcement from the HUD, google: HUD No. 09-072
    (since i cannot post links)

    Please help!!!!!
     

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