I get a lot of questions about the $8,0000 first time home buyers tax credit and I wanted to pass along some exciting news that came out yesterday. The first time home buyers tax credit has been a great benefit but unfortunately like a lot of things coming from the government, not everyone has understood it.
Please see article below as YES the tax credit can be used for a down payment which is very helpful and important! I can’t stress enough what a great buying opportunity this is for first time home buyers here in Raleigh and the Triangle as the combination of the tax credit, low interest rates and great house prices makes this the time to move into your first home. Please contact me and let me know if I can help you in your search here in Raleigh and the Triangle as there are many great neighborhoods in the Triangle that are perfect for first time home buyers!
Walking With You Every Step Of The Way!
- Jenn Nowalk – Raleigh REALTOR/Broker
Tax Credit Can Be Used for Down Payment
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at “The Real Estate Summit: Advancing the U.S. Economy,” at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C.