Tax Credit Used for Down Payment
As reported in Daily Real Estate News 5/12/09
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..
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Want more details? Give me a call or email me and we can discuss how you can take advantage of this now!
1st Time Home Buyers Seminar
Do you currently rent? have you thought about buying a home/condo/townhome for the first time? Maybe have a few questions about the process, credit scores, financing, etc? Can you afford a couple hours to learn these answers and more? What are you doing on Wednesday May 13, 2009 @ 6:30 pm?
Ryan Hill Realty will be sponsoring a 1st Time Home Buyers Seminar from 6:30 – 9:00 pm that evening at the Naperville Municipal Center, 400 S. Eagle St, Naperville, IL. Topics that will be addressed by guest speakers will include:
- Learn about the home buying process, terms, details and review the various real/estate home options
- Find out about the 1st time home buyer tax incentive and what the qualifications are.
- Review the latest mortgage and lending programs available.
Attendees can sign up for various sponsor raffles as well as a drawing for a 5 day, 4 night Cruise For Two* donated by Ryan Hill Realty. (Winners must be present at time of drawing.)
Contact me for free tickets!
For reservations, you can call 630.897.2165 x258. Or email me.
$10/person | $15/couple. No Refunds.
All proceeds are for the benefit of Hesed House, Aurora, IL.
Click here for event flyer.
