First Time Home Buyer!!

This is a little bit of a different post than I usually do but thought this might be some good news for some people. Maybe myself included?!

Tax Credit Can Be Used for Down Payment

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.

Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.

"We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. He says FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

For more information, visit http://www.wisconsinhomebuyer.org/.

First time home buyers or those that have not owned a home within 3 years qualify…. the window for a home under construction to be complete by December 1, 2009 is closing in fast!