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Marina Vialtsina
Friday, June 5, 2009
You might be ablt to use tax credit ($8,000) IMMEDIATELY!
The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.
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2 comments:
This is such awesome news! I'm glad the tax credit can be claimed almost immediately.
This is one of the best things I think has been done for real estate. The tax credit has opened so many new ways for buyers to bend their budget, and the speedy process of recovering the tax credit right away is also helpful
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