HUD To Allow $8,000 Tax Credit To Become a Down Payment

Great news for first-time home buyers. Last week, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development stated that the Federal Housing Administration (FHA) is now going to permit it's lenders to allow home buyers to use the $8000 tax credit as a down payment. Previously, buyers had to wait to file their taxes to take advantage of the tax credit, which did not allow home buyers to use the $8,000 tax credit when they needed it most – for the down payment.

By allowing buyers to utilize the tax credit as a down payment, money will now be freed up for the buyer that would otherwise be needed at closing. This will allow the first-time home buyer to save their money for a rainy day or for home improvements. Or it will allow the first time home buyer who does not have enough money for the down payment to access the $8,000 for the down payment.

This new development has the ability to bring thousands of new buyers into the market that would have otherwise has to wait to purchase a home.
This new program has the potential to stimulate the real estate market more than all of the other programs that are out there by attracting almost any first time home buyer that would like to buy a home.

If you are a first time home buyer you could not pick a better time to buy than right now. All of the stars are aligned for you. Interest rates are low, home prices are low and tax rebates are high. I wish I were a first time homebuyer right now! Sellers would have to give the home away for free for there to be a better deal. This is the absolute best time to be a first-time home buyer.

If you are a first-time home buyer, get out there and find your home before this tax credit is gone in November. The tax credit will expire on November 30th. BUY A HOME BEFORE THEN!

Check out www.thebriteway.com for your mortgage needs.

Have a great Tuesday!