Daily Real Estate News  |  August 5, 2008

Pulte Homes plans to match the $7,500 tax credit that the federal government is offering to first-time home buyers as part of its housing stimulus package.

However, the Bloomfield Hills, Mich.-based residential builder plans to make the incentive available to all buyers and expects other builders to introduce similar offers.

In addition to the tax credit, which amounts to an interest-free loan payable over 15 years, the package expands the FHA foreclosure rescue program.

"The lender is going to use the program when it makes sense for the lender," says Mortgage Bankers Association spokesman John Mechem, so borrowers who qualify should contact their lender.

Source: Detroit Free Press, Greta Guest (08/05/08)