$8,000 for Down Payment - Now Available!

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Real Estate Agent with William Raveis Real Estate - Fairfield, CT

Change in Fed Regulations - Use your $8,000 Now!

In keeping up with the latest news, there was been a significant change in one of the Administrations tax credit programs.  Yesterday, the Secretary of HUD announced that FHA is going to permit it's lenders to allow home buyers to use the $8,000 tax credit as a down payment when obtaining a government insured mortgage.  This is a change in the way that the program had been setup when it arrived as part of the American Recovery and Reinvestment Act of 2009.  The law states that qualifying homebuyers may claim up to $8,000 (or $4,000 for married individuals filing separately) on either their 2008 or 2009 tax returns.  Before this change, homebuyers would have to wait until they filed their 2008 or 2009 returns to receive the credit.  Now, FHA consumers can access the homebuyer tax credit fund when they close on their home loan so that the cash can be used as a down payment.

 Stay tuned for more updates coming next week.....

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Mike Tetreau

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