HUD says $8,000 tax credit can be used for downpayment!
WASHINGTON) – HUD has announced that consumers may now use the $8,000 first-time home buyer tax credit to help cover their downpayment and closing costs on FHA-insured mortgages.
The move will allow FHA-approved lenders; federal, state and local government agencies; and FHA-approved non-profit organizations to supply home buyers short-term or “bridge loans” up to the amount of the $8,000 first-time home buyer tax credit.
Previously, the home buyer would have been unable to access the tax credit until they filed their next annual tax return or an amended 2008 tax return and received the refund from the IRS.
Housing industry leaders are applauding the move as certain to help boost the number of first-time home buyers coming into the market.
If you are planning to buy a home her ein the Lehigh Valley, an dyou would like more informnation on how to use the $8,000 tax credit for yoru down payment – CALL ME 610-533-4549 to see if you qualify! Chris Hoffman, Keller Williams Real Estate. www.GoValleyHomeFinder.com
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Comment by admin on 25 August 2009:
UPDATE:
YES, you can use Part of the $8,000 Tax Credit to buy your new home. Very few banks are doing this program. It is a PHFA loan and has a higher interest rate than a traditional FHA loan. PHFA will lend you up to $5,000 of the $8,000 to use towards your donw payment.
Your total mortgage would end up being approx $100 higher with this program. So it’s not as good as it sounds. It will be harder for you to qualify for the higher payment. And if you DO qualify for the higher payment, your better off putting down the 3.5% and buying a nicer home for the same money!
If you are buying a home here in thge Lehigh Valley, and your bank, or your mortgage company do not know about this program, or do not want to assist you, you may want to consider working working with somoene else.
Chris Hofman, Realtor 610-533-4549