Any mortgage professionals here?

[badass88gt]

Looking for home mortgage information such as great programs, incentives, stuff like that. My fiance is a single mom, first time buyer, if there are programs for her. Ive heard that the Obama $8000 tax rebate has been extended and most of it can be used as the down payment, anyone have anything they can tell me? Thanks-Dan

[Russ Jerome]

This is Wisconsin, you cant use the money for a downpayment but she can get it as a tax return. FHA qualified buyers pay as little as 5% down.

Be sure to check the credentials of the mortgage person she uses, its amazing how un informed some mortgage people are, little online research will save her a lot of headaches as she proceeds.

Search in this general area for the same info, several good threads within last 6 months.

[badass88gt]

I thought it was a federal program, the tax credit/downpayment thing?

[Holeshot]

I thought it was a federal program, the tax credit/downpayment thing?

It is federal but you write off your taxes. IIRC.

[Russ Jerome]

Its Federal but laws differ from state to state.....guess what Doyles people decided to say...NO.

Other states you can even borrow money against it from your bank, not here, our quality of life is already so good they dont want other state residents to flock here.

[0TransAm0]

she wont get the 8k till next year now. if she buys this year.
i got a FHA loan with 3.5% down.

[Russ Jerome]

Its actualy a single form to amend an already completed return, printable directly off the IRS sight. You can actualy amend your 2008 return prior to completeing your 2009 tax's. This year you will be able to e-file the credit, last year it was only allowed to do on hardfile.

[Russ Jerome]

Another posotive about doing the credit seperate from your normal return is Obama has this all setup on the side, turnaround is very fast in most all cases.

[0TransAm0]

unless something changed i was told you HAD to close on the house before the end of november to get the tax credit on your 2009 returns...

[Russ Jerome]

The 5404 form is to amend a previously filed return, the Nov date may have been mentioned because of the previous deadline that has now been lengthend to...this spring or something.

I would'nt be up on it but Im on month four of waiting on a short sale closure, my mortgage guy is as sharp as a basketball and I have to do all the legwork myself if I want the truth :)

Do "not" take anything from your mortgage or realtor as gospel, specific laws and rules are clearly available on-line these days and the usual answer when you print it out and hand it to them is "oh well its a little more difficult than that".......ya ok Sparky I'll just lay down while you rail me a little more.