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Update on the $8,000 Tax Credit

Special Update:

New guidelines were issued today for the monetizing of the $8,000 first-time homebuyer tax credit that was announced by HUD and then delayed by HUD. The primary change is that the money cannot be applied toward the 3.5% down payment. It can be used for a larger down payment or applied toward closing costs. We'll provide more details soon.

Here's a link to the HUD site. Click on Mortgage Letter 09-15 http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/index.cfm

Again, it appears that it can be used as "a" downpayment, but the borrower still needs to come to the table with 3.5% on FHA loans.

Larry Morris is a Certified Mortgage Planning Specialist with American Nationwide Mortgage Company in Newberg, Oregon. He specializes in USDA Guaranteed Rural Home Loans, FHA Purchase and Refinance, FHA 203k Rehab loans, Sect 184 Native American loans, Hobby Farm loans and conforming purchase and refinances in the states of Oregon and Washington.

He can be reached at 503-421-0096, or larry@PDX-Mortgage.com.

www.PDX-Mortgage.com

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APR rates are subject to change based on lender's normal credit guidelines and market conditions.

HUD

Posted by Larry Morris, Oregon Mortgages on 05/29/2009 05:06 PM

Comments (5)

$8000 Tax Credit for Homes "First" Time Home Buyers Details in the Mortgage / Finance Channel

8000 tax credit, oregon home loans, fha

Originally posted at: Oregon Mortgage News: Update on the $8,000 Tax Credit

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5 Comments on Update on the $8,000 Tax Credit

MAY

Hi Larry,

Boy they keep changing their minds! First it can, then it can't..sounds like some indecision going on!

I think this will get a lot of first time home buyers off the fence but even though my specialist is FTHB Im still not positive that it's the best idea.

Dorie and Heather - thanks for your comments. I believe the issue has been more to do with the IRS and how you calculate a credit that is based on future income. I also like the fact that the borrower still has to come to the table with a 3.5% downpayment on the FHA loans. It protects the lender since the borrower still has a vested interest in making their payment. Since it can be used for the closing costs, it's a good thing. This will help protect the Seller's price and hopefully keep us from seeing so many homes that don't make value due to Seller Concessions.

This is grear information I think they just want to make sure people can have some of their own money coming in

Thanks for the information - I reblogged it.

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Update on the $8,000 Tax Credit

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