HUD Secretary outlines tax credit monetization plans
Under the plan, home buyers will immediately be able to apply the money toward their down payments. According to HUD, “home buyers 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 achieve a lower interest rate.”
“We believe this is a real win for everyone,” said U.S. Housing and Urban Development Secretary Shaun Donovan. “What we are 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 made the announcement when he spoke to the National Association of Home Builders. NAHB estimates that the homebuyer tax credit will trigger 160,00 home sales nationwide, including more than 100,000 by first-time buyers.
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