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Is the $8,000 Tax Credit Going to Be Available to Use for Downpayments?

I received an e-mail this morning stating that HUD made an announcement that the First Time Homebuyer Credit of up to $8,000 will be available at closing (in a bridge type loan) for Buyers to use for their downpayments. I came here to AR first to see if anyone had written any details about this. This sounds like a great idea but I'd like details on the bridge loan part. Or any other details....I've got clients I need to share this with. Thanks!!

Posted by Ed Vogt, Grandville, MI Audu Real Estate on 05/13/2009 07:51 AM

Comments (13)

8, 000 first time homebuyer tax credit

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13 Comments on Is the $8,000 Tax Credit Going to Be Available to Use for Downpayments?

MAY

I heard it yesterday... blogged about it to consumers on a couple of blogs. Contacted on the fence buyers and said "stay tuned..."

I saw this yesterday as well, looking for more information!

Katharine

Hud Secretary Donovan stated in his comments to Realtors at the mid year conference the details on how it will work will be released in the next few days once it is worked out. The IRS is part of the problem in how to do it. It is great news though. Too bad they didn't do this 5 months ago when they released the tax credit to begin with.

Sounds like a good idea, but involving the IRS could get sticky. It would help out alot of first-time homebuyers though.

Let the games begin. . .we are going to have a bonanza of buyers never seen before. . if

Fernando: I'm already having a bonanza:) But at least this will get them off the fence.

York County Pennsylvania here!

Can some one forward that email to me?

wwww.pa-findahome.com

Sounds like great news. Maybe some first time home buyers will finally see the light and get off the fence.

Thanks for all the comments - we're all anxiously awaiting details.

I will have to stay tuned myself - I do have several buyers that will be interested in how this will work for them.

Read HUD secretary Donovan's release and stay tuned!

Thanks for the link Andrew, I'll check it out soon.

MAY

Okay - it's now all over everything I'm reading and hearing. Thank you for all of the updates and/or info!

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