Wow this is great !! This will surly help sell some homes.
Did you buy a house or a condo recently? If you did, it could mean money in your pocket. That's right, if you bought a home last year... you could get a 75-hundred dollar interest-free loan - courtesy of Uncle Sam -- and you have 15 years to pay it back. On the other hand, if you buy a home this year before December the first, you can get a tax credit of up to eight-thousand-dollars either on this year's return or next year's return, and you don't even have to pay it back.
News from NAR - Washington D.C.
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.
Donovan's remarks came in an address to several thousand REALTORS®, including 130 from Michigan, who are in Washington D.C. this week for the annual REALTORS® Midyear Legislative Meetings & Trade Expo.
Secretary Donovan said that important changes, which the National Association of REALTORS® has been calling for, will help consumers purchase a home. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment," Donovan said. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing.
Now would be a great time to buy a home. in Muskegon Michigan.
Call David Medendorp
http://www.muskegonforclosures.com
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