In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers. But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
Visit: http://www.federalhousingtaxcredit.com/ to find out more about the tax credit.
FHA is drafting a policy for first-time homebuyer's to utilize the 'Government Tax Credit', as a down payment. First time homebuyer's will be able to access the $8,000 federal tax credit when closing on a home (if you qualify). FHA-approved lenders, HUD-approved nonprofits and state and local housing finance agencies will offer short-term bridge loans (no repayment is required).
Fannie Mae and Freddie Mac require 20 percent down at closing. However, FHA provides the best down payment requirement (3.5%), compared to conventional requirements of 5 to 10 percent. For more information on this new initiative, feel free to contact me direct (312) 404-5501 or visit the Department of Housing Urban Development's website:
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