I just received the following message from one of my lenders:
“HUD just posted new update today.”
“Tax Credit may not be used to meet the 3.5% minimum downpayment, but may be used as additional downpayment, buying down of interest rate, or other closing costs.”
This is good news for many First Time Home Buyers entering the market. As with any information consult directly with your lender to see how this works for your situation.
Here’s the official HUD press release
“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.”
Happy House Hunting!
Original post by Charlottesville Real Estate – Your Trusted Broker Charles McDonald (RE/MAX Assured Properties – No one sells more Real Estate) and software by Elliott Back
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