Can I get a loan other than an FHA and still get the first time home buyer tax credit?
asked:
Trying to buy a foreclosure as a first time home buyer. The house needs a little work (slight water damage, floors, paint) so I dont think I will be able to get an FHA loan. I want to do the work myself. If I get another type of loan will I still qualify for the first time home buyer credit?
Tamara
Trying to buy a foreclosure as a first time home buyer. The house needs a little work (slight water damage, floors, paint) so I dont think I will be able to get an FHA loan. I want to do the work myself. If I get another type of loan will I still qualify for the first time home buyer credit?
Tamara
June 11th, 2009 at 10:07 am
Carla
Yes but it all depends on how much you make , how much assets you own bank accounts etc.. you may even qualify for some grants talk to a bank mortgage lender talking is free & there is no commitment you could even talk to a few & may be get a better deal. Good luck.
Watch out for scamers.
June 11th, 2009 at 5:16 pm
Elizabeth
Try to find the NACA program in your area as I know is a good program with low interest and not down payment ….and is excellent for first time homebuyers
June 13th, 2009 at 5:04 pm
Glenda
The tax credit does not require FHA. In fact only a small percentage of purchases are FHA.
You can use any kind of loan you want other then a construction loan, you have to be able to reside in the house.
June 13th, 2009 at 6:55 pm
Theresa
yes, but you will probably need a larger down payment
Foreclosures are more complicated and risky too – it might close by 11/30 and then you would lose the credit
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