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Is the $8,000 Tax Credit Going to Be Available to Use for Downpayments?

By
Real Estate Agent with Midwest Properties of Michigan

   I received an e-mail this morning stating that HUD made an announcement that the First Time Homebuyer Credit of up to $8,000 will be available at closing (in a bridge type loan) for Buyers to use for their downpayments.  I came here to AR first to see if anyone had written any details about this.  This sounds like a great idea but I'd like details on the bridge loan part. Or any other details....I've got clients I need to share this with.  Thanks!!

Maureen McCabe
HER Realtors - Columbus, OH
Columbus Ohio Real Estate

I heard it yesterday... blogged about it to consumers on a couple of blogs.  Contacted on the fence buyers and said "stay tuned..."

May 13, 2009 12:53 AM
Katharine Carey
eXp Realty - Bellingham, WA

I saw this yesterday as well, looking for more information!

Katharine

May 13, 2009 12:58 AM
Larry DeGroat
Realty Professionals, Inc. - Searcy, AR
ABR, CRS, e-PRO, GRI in Searcy

Hud Secretary Donovan stated in his comments to Realtors at the mid year conference the details on how it will work will be released in the next few days once it is worked out.  The IRS is part of the problem in how to do it.  It is great news though. Too bad they didn't do this 5 months ago when they released the tax credit to begin with.

May 13, 2009 01:00 AM
Chad Janusa, MBA - New Orleans Real Estate
Metairie, LA

Sounds like a good idea, but involving the IRS could get sticky. It would help out alot of first-time homebuyers though.

May 13, 2009 01:04 AM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Let the games begin. . .we are going to have a bonanza of buyers never seen before. . if

 

May 13, 2009 01:05 AM
Ed Vogt
Midwest Properties of Michigan - Grandville, MI
Grandville, MI Midwest Properties

Fernando:  I'm already having a bonanza:)  But at least this will get them off the fence. 

May 13, 2009 01:11 AM
Dawn Tittsworth
ReMax Patriots 717-676-0189 - Stewartstown, PA
Realtor - Buyers York County

York County Pennsylvania here!

Can some one forward that email to me?

wwww.pa-findahome.com

May 13, 2009 01:12 AM
Jake Forbes
United Country Forbes Realty & Auctions - Hertford, NC

Sounds like great news.  Maybe some first time home buyers will finally see the light and get off the fence. 

May 13, 2009 01:13 AM
Ed Vogt
Midwest Properties of Michigan - Grandville, MI
Grandville, MI Midwest Properties

Thanks for all the comments - we're all anxiously awaiting details. 

May 13, 2009 01:14 AM
Marilyn Harrell
Better Homes and Acres - Beaverton, MI
Wixom Lake - Beaverton MI

I will have to stay tuned myself - I do have several buyers that will be interested in how this will work for them.

May 13, 2009 01:32 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Read HUD secretary Donovan's release and stay tuned!

May 13, 2009 02:00 AM
Ed Vogt
Midwest Properties of Michigan - Grandville, MI
Grandville, MI Midwest Properties

Thanks for the link Andrew, I'll check it out soon. 

May 13, 2009 05:16 AM
Ed Vogt
Midwest Properties of Michigan - Grandville, MI
Grandville, MI Midwest Properties

Okay - it's now all over everything I'm reading and hearing.  Thank you for all of the updates and/or info!

May 14, 2009 01:03 AM