How does the 7500 tax credit for first time home buyers work?

Tips and Deals Forums Buying Your Home How does the 7500 tax credit for first time home buyers work?


This topic contains 10 replies, has 3 voices, and was last updated by  Anonymous 8 years, 6 months ago.

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  • #203921


    I know that is actually an interest free loan that has to be paid back, but exactly how do you get the money? Also, my husband and I just purchased our first home through fha. We used the down payment assistance program for our downpayment. Are we still eligible?

  • #268231


    Here is detailed information on the program

  • #274039

    Kandis Hay

    You are not eligible, because the program you already used can not be combined with other programs.

  • #429263


    As far as I know, no signature, no deal. Words are not legally binding as a business contract. the only thing that can tie you down is a written contract with your signature on it. BUT take a look at this sites definition and see if it says anything a little more helpful.

  • #429264


    Send back the papers and tell them thanks but no thanks.

    They changed the rates, you found a better deal. Done deal.

    They can bark at you, but that’s all. Until you sign on the bottom line, it ain’t a deal.

    Go with the better deal, the law office agrees nothing signed and no money changed hands.

    Besides they changed the rates, never sat down with you. Be glad you don’t have to deal with them

    Good luck and check with your law office again. before you sign to make sure this IS the best deal.

  • #429265


    this is the kind of stuff wamu does on a regular basis. it only gets worse when you actually do sign a mortgage with them. send the papers back, tell them no thanks and go to someone else.

  • #429266


    You are now a customer of Chase so remember to “chase what matters.”

  • #429267


    As the first answer stated, you now have a mortgage with Chase. For the moment NOTHING changes. Sometime in the next few months, you will receive a new account number and payment address. Until that happens, payments sent to the old address will be applies to your account the same as before.

  • #429268


    Once you sign the final loan docs on a mortgage, you are in that contract and the terms can’t be changed, no matter who holds the paper.

    Your WaMu mortgage is going to remain the same as it is now. Chase is even keeping the WaMu brand for quite a while. You may get a notice of a new place to send your payment, but that’s all.

    Everything will be the same!

  • #429269


    I Chase brought them out. They will sent you a letter in the mail explaining what has happen. Everything else will remain the same. None of the terms change.

    How do I know? Because I was with Washington Mutual about a year ago and they sold my mortgage to Wells Fargo.

  • #429270


    Nothing will change but the name of the bank on your monthly statement.

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