HUD has announced that the $8,000 2009 tax credit can be used on closing costs!  This means that if you are a first-time home buyer here in New Orleans, you can apply the $8,000 to your closing costs at the closing table.  There are a few bits of information that you need to know regarding this tax credit...first of all, your have to qualify for the tax credit. Secondly, the loan must be FHA-approved.  Please note that the credit cannot be used to cover the 3.5% down payment that FHA requires.  Also, using the $8,000 at the act of sale is not as easy as simply writing it is a credit to the buyer, it may require a bridge loan from a different lender.  Take a look at the article posted on Realtor.org.

So if you are looking for real estate in New Orleans and want to learn more about this tax credit, give me a call!

You may also be interested in: New Orleans Real Estate - The Definitive Blog

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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl's real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

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