We have been keeping an eye on the constantly evolving programs out there to assist the housing market and homeowners. There is a new spin to the $8,000 tax credit for new home buyers on the way.
Now is the time to buy a home. Prices are at all time lows. Affordability is at a record high. And homes are looking for buyers.
As part of the Obama Administration stimulus package, a refundable first time homebuyer tax credit was created. The tax credit is intended to encourage people to jump make into the housing market and buy a home. Buyers would have to wait though until they file their tax returns to get the share of the $8,000. But change is coming.
The program would allow new homebuyers to receive their tax credit at the time of closing.
"We all want to enable FHA consumers to access the tax credit funds when they close on their home loans so that the cash can be used as a down payment," said Shaun Donovan, HUD secretary, in speech last Tuesday before the National Association of Realtors.
This is exciting news. We will keep you posted as this program is unveiled.
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