Homebuyers Can Apply Tax Credit to Down Payment
U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Homebuyers 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 lower the interest rate on their loan.
The American Recovery and Reinvestment Act of 2009 offers first-time homebuyers a tax credit of up to $8,000 for purchasing a home, but the credit could only be accessed after filing their tax return. Today’s action allows homebuyers to apply the tax credit toward a down payment immediately.
Donovan said the policy will help stabilize the nation’s housing market. “What we’re doing today will not only help these families to purchase their first home, but will present an enormous benefit for communities struggling to deal with an oversupply of housing,” Donovan said. Fri, May 29, 2009
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