If I am delinquent on my student loan, will I still be able to qualify for the $8000 tax credit/loan?
First off, most mortgage lenders will not give you a loan with outstanding late payments. Especially on a school loan. They will require you to get current on those before you can even begin to qualify! Second, you have until December 1, 2009 to close on a house, so you still have some time to get current on your student loan and still get the 8k tax credit. I am not sure what you meant by $8000 tax credit/no interest loan…there is no no interest loan on mortgages. And, the $8000 does not need to be paid back. If it were last year when they were doing the $7500 credit, yes, that one was no interest, and needed to be paid back. The 10% is based on what you PAY for the home, not the assessed value. So, you will get 8k tax credit or 10% of the homes price if it is under let’s say 80k.
