This just in: If you are a first time buyer, you now have an $8,000 down payment!**
The US Department of Housing and Urban Development (HUD) announced this morning at the National Association of Realtor’s (NAR) Midyear Conference that the Federal Housing and Administration (FHA) will allow it’s lenders to offer first time buyers the opportunity to use their $8,000 federal tax credit toward their down payment.
This is HUGE!
Now, if you qualify for the first time home buyer tax credit you don’t have to wait until you buy the house, close on it and then file or amend your taxes to get the $8,000. The $8,000 will be offered in the form of a small bridge loan that will be paid back after you get your tax credit. To find out more about the tax credit, check out this informative website.
With the interest rates at historically low numbers, prices at 10-year lows and an $8,000 tax credit there has never been a better time to buy a home! And I’m not just saying that because I get paid to.
If I can help you with your dream of home ownership, please don’t hesitate to ask.
**(Some limitations and exclusions apply, yada, yada, yada…see your friendly loan officer or Realtor for specific details.)
{ 2 comments… read them below or add one }
Great info on the tax credit. I’m glad the IRS / federal government finally removed the repayment requirement. Now if we can get them to extend the credit beyond the November 09 cutoff, we’d be even better positioned for a housing upswing.
How much do you ACTUALLY receive of the new home buyer credit?
How much of the new home buyer tax credit will I actually receive after its taxed. My first home will be way over 80,000 dollars so I expect to receive the full 8 grand up front in January.