Hello DG family!
I was hoping someone could fill me in..
I remember hearing about the possibility of being able to use this as a down payment. Does anyone know if there is an element of truth to this?
I know that it is an $8000 tax credit which is applied to your tax return. It must be used toward a property which you intend on living in and you must live there for 3 years following. You also only qualify if you have not purchased a home in the last 3 years, while earning less then $75k/year. So long as you meet this criteria, you do NOT repay this credit.
But I cannot find information regarding using the credit towards a down payment. This leads me to believe it is not possible? I was hoping this was not the case, because this could be a huge benefit if possible.
If anyone has information, please let me know.
Thanks and good luck all!