First-Time Homebuyers Rejoice! The Urban Development Secretary, Shaun Donovan, announced in May, 2009 that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home.
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. The new FHA rules allow borrowers to immediately apply the funds toward their down payment. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.
As always, check with a FHA Lender for more information and how you can qualify. But if you're looking to purchase your first home, this is great news that you can use!
Chris Manisco, Re/Max Suburban in Wheaton - (630) 868-6350
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I proudly serve and sell real estate in the Northwest Suburbs of Chicago. If you are thinking about purchasing or selling your home in the communities of Wheaton, Glen Ellyn, St. Charles, Winfield, Geneva, Batavia, Naperville, Bloomingdale, Roselle, Elk Grove Village, Schaumburg, Bartlett, Carol Stream, Hanover Park, Streamwood, Elgin, South Elgin, and all of DuPage, Kane, and Northwest Cook Counties, and more importantly, want to work with a local area expert, contact me immediately.
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