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$8,000 stimuls tax credit for first time home buyers

By
Real Estate Agent with Keller Williams - Newark

Well, Washington came out with information regarding how first time home buyers can utilitze this stimulus immediately upon settlement of a new home prior to November 30, 2009, but with all the strings tied to it, will it really help?  No liens on the property, can't be used for downpayment, can be used for settlement costs (why do that when we ask the seller to contribute?), it can be used to pay down the interest on the mortgage or additional downpayment after the 3.5% that FHA requires.  I think we were really hoping this money could be used towards the downpayment.  That would really jump start our market if the home owner could utilize the $8,000 for the downpayment...for the initial 3.5%, don't you think?

I think most first time home buyers would rather either amend their 2008 taxes and take the $8,000 check for a cushion in their bank account or make some changes in their new home or take the $8,000 off of next years taxes, but then that's just my opinion.

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