This past week HUD Secretary Shaun Donovan decided to allow the $8000 first time home buyer tax credit to be used toward the buyer's downpayment and closing cost. What a fantastic opportunity this presents to those home buyers who haven't been able to scrape together the money for their downpayment.
So for all you home buyer's sitting on the fence because you don't have the downpayment, now is the time to take action and start looking for that dream home.
According to HUD, FHA approved lenders, government agencies and non-profit organizations can supply home buyers short term loans upto the amount of the $8,000 first time home buyer tax credit.
To help buyers that need down payment and closing cost assistance when purchasing a home with the tax credit, a number of Housing Finance Agencies are offering special short-term second loans to qualified buyers. These loans are available for little or no interest and may be repaid with the homebuyer tax credit refund.
There is no need now to wait to file next years tax returns or file amendments to this years tax returns. You can use that tax credit now to buy your next home.
You still need to qualify for the first time home buyer tax credit. To qualify, you can not have owned the home you live in for the past three years and you need to buy a home between Jan. 1 and Dec. 1, 2009. Of course if you don't need the money for your downpayment you can still take the credit on your 2008 or 2009 income tax return.
For more information about the $8000 first time home buyers tax credit visit The National Association of Home Builder's website.
If you're a first time home buyer and looking to buy a home in Palm Beach County Florida, give me a call and I will help you use the $8000 first time home buyers tax credit to prucahse your next home.
John Paul Sansaricq
Realtor, Exit Atlantic International Realty
Office 561 330 6065
Cell 561 386 4992