The $8,000 firs time homebuyer tax credit won’t last forever.
It’s set to expire by the end of the year.
Made me think of this video:
Now read this overview on why you need to get moving to take advantage of this money.
Using the $8,000 Tax Credit to Cover FHA Loan Costs
June 6, 2009, 10:09, am By
Recently the FHA revised some of its guidelines and announced that they would allow first time home buyers to apply the $8,000 tax credit to offset the costs associated with obtaining FHA mortgage financing.
Heather Barr over at The Phoenix Agent blog has a great blog post detailing all aspects of this provision. For one thing you can use the $8,000 to cover closing costs, include additional cash down payment and any mortgage interest rate buy-down costs. Notice you can’t use these funds to cover the required 3.5% down payment. Read Heather’s post for additional details.
Here is a portion of the HUD announcement for those interested:
WASHINGTON – Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today’s action will help stabilize the nation’s housing market by stimulating home sales across the country.