Tax credit use for Closing Costs?

By
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 http://www.realtor.org/RMODaily.nsf/pages/News2009052901?OpenDocument 

Source: Realtor.org

Posted by

Mayra Espinosa Broker - Realtor

Mayra Espinosa-Realtor Broker Associate, Probate Certified, proudly Serving buyers and seller in Pacifica, San Bruno, Daly City, South San Francisco, Millbrae, San Mateo, Burlingame and all the San Francisco Peninsula communities

 

Mayra Espinosa
650-996-8961

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Websitehttps://sanmateopeninsulahomes.com 

1021 S. El Camino Real San Mateo, CA 94402

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Rainer
332,782
Irene Kennedy Realtor® in Northwestern NJ
Weichert - Lopatcong, NJ

Mayra,

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
Rainmaker
111,262
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
Anonymous
Anonymous

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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Rainmaker
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Mayra Espinosa Realtor San Mateo Pacifica Homes

Pacifica -San Mateo,CA Real Estate agent, Buy,sell
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