HUD has issued Mortgagee Letter 2009-15 outlining official guidance on how to use all/part of your tax year 2009 $8,000 Home Buyer's Tax Credit for part of your down-payment, or to help pay closing costs. You have to make the first 3.5% of the down-payment before you can use up to $8,000 for the remainder. Talk to your bank or go to:
http://www.hud.gov/news/release.cfm?content=pr09-072.cfm for more information.
To see if you qualify for the Home Buyer's Tax Credit, read IRS Form 5405 instructions at:
http://www.irs.gov/pub/irs-pdf/f5405.pdf
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Monday, June 8, 2009
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