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Use Your Tax Credit To Buy Your Huntsville Home

By: Huntsville Real Estate Expert Mike Manosky On May 15, 2009

Huntsville home buyers just got another incentive to purchase a home in 2009. The $8,000 first-time home buyer tax credit can now be used towards a down payment.

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, while speaking at the National Association of Realtors mid-year meetings, announced the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment.

What does this mean for Huntsville home buyers? First-time home buyers will not have to wait to file their tax return to get the $8000 and will be able to use these funds when they close on their home loans so that the cash can be used as a downpayment. FHA approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans, allowing eligible home buyers to access the funds immediately at the closing table.

This is GREAT news for first-time Huntsville home buyers who often are tight on cash when purchaing a home. Give me a call today to learn how to take advantage of your $8000 credit.

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