Julie Johnson

Better Homes & Gardens Real Estate | David Winans & Associates

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$8,000 Tax Credit Now Available at Closing for FHA Loans

June 9th, 2009 · 1 Comment · Real Estate, Taxes

The Federal Housing Administration (FHA) will now allow the maximum $8,000 tax credit to be applied at closing for qualified home buyers. Additionally, FHA will now allow those home buyers to use the credit to make a larger down payment (FHA still requires 3.5%), cover closing costs or to buy down their interest rate. This is great news for buyers and that means great news for sellers too. “A true housing recovery depends on buyers returning to the market and reducing inventory,” said National Association of REALTORS President Charles McMillan.

Even If you do not qualify for an FHA loan, you may still be able to qualify for the First Time Homebuyer Credit on your 2009 tax return as long as you purchase your home before December 1, 2009. See your mortgage and tax professionals for more information.

Tags: $8000 tax credit·closing costs·down payment·home buyers·Real Estate

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