Tax credit use for Closing Costs?

Real Estate Agent with Red C Realty| Call 650-996-8961 CA DRE# 01468791

Today the US Department of Housing and Urban Development has approved the homebuyer tax credit that will allow first time homebuyers to use the $8,000 tax credit to:

• Help cover their closing cost

• Buy down their interest rate

• Increase down payment

The first-time homebuyer tax credit was introduce to encourage homeownerships, so first-time homebuyer can take advantage of today’s housing market affordability, while the interest rates are low and home prices are down. The $8,000 tax credit does not need to repay and is fully refundable.

Income Limitation:

 Single Buyer earning between $75,000 and 95,000

 Couples earning $150,000 and 170,000

The tax credit amount will decrease as income come close to the maximum limit.

For more information go to 


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Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ


My state (New Jersey) and some others had implemented programs to provide this - and we saw an uptick in buyer interest as a result. I was delighted that all first-timers will now benefit. Hope you do too as the agent who helps them!

Jun 04, 2009 02:55 PM #1
Terry Edwards
Russell & Jeffcoat Real Estate Corp. - Columbia, SC

This is such a bad idea I can't stand it.  I want my tax dollars to subsidize safe roads and clean water, not buy a home that I don't own.  If a buyer can not afford the down payment, they haven't worked hard enough at saving for their future. 

Terry Edwards

Jun 04, 2009 04:21 PM #2

Irene thank you for reading, I am just trying to get the good news out there for those who qualify for the $8,000. I hope they take advantage of this great opportunity. Thanks

Jun 07, 2009 06:09 PM #3
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