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    topher's Avatar
    topher Posts: 65, Reputation: 3
    Junior Member
    		  
    #1

    Apr 11, 2011, 10:32 AM
    Gov't down payments
    We were talking to our wedding photographer yesterday, who also dose some real estate, and he mentioned a government program for first time home buyers where the pay up to %20 on the down payment. Has anyone ever heard of this, is it worth it in the long run?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Apr 11, 2011, 10:38 AM

    Hello t:

    They're probably talking about the first time buyer tax credit. If you put about $20,000 down, you'll get a tax credit for about $5,000. A tax credit is a dollar for dollar award.

    So, in general, what they told you was true.

    excon
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