Home Buyer Tax Credit Becomes Down Payment

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HUD creates new $8000 dollar tax credit flexibility for first time home buyers.

In an effort to spur the housing market, the United States Department of Housing and Urban Development released plans to implement flexibility to the $8,000 First Time Home Buyer Tax Credit; as part of President Obama’s 2009 stimulus package.

“We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment,” United States HUD Secretary, Shaun Donovan stated. May 12th, 2009

FHA will allow approved lenders and nonprofits to issue short-term bridge loans buyers can use for down payments. Buyers would repay the loans after getting their tax refunds in 2010.

“Allowing first time homebuyers to utilize the tax credit as a down payment, plus the availability of low interest rates creates incredible opportunities for those who waited.”

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Posted July 26, 2009 by ][-NooM-][ under More Real Estate

3 Responses to “Home Buyer Tax Credit Becomes Down Payment”

  1. pligg.com Says:
    July 26th, 2009 at 11:33 pm

    Home Buyer Tax Credit Becomes Down Payment | SDB Benchmark Real Estate…

    In an effort to spur the housing market, the United States Department of Housing and Urban Development released plans to implement flexibility to the $8,000 First Time Home Buyer Tax Credit; as part of President Obama???s 2009 stimulus package….

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    July 27th, 2009 at 7:19 pm

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    August 7th, 2009 at 8:15 am

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