By HUD Secretary outlines tax credit monetization plans
The U.S. Department of Housing and Urban Development has offered details of its plan to allow home buyers to use the $8,000 first-time home buyer tax credit to help buy their home.
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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See Also
- Intero Real Estate Services- Find Real Estate, Property For Sale, Homes For Sale
Intero Real Estate Services is one of the premier real estate brokerages. Find real estate, properties and homes for sale in Arizona, California, Colorado, Nevada and Texas. - National Association of Home Builders
The National Association of Home Builders is a trade association that helps promote the policies that make housing a national priority. Since 1942, NAHB has been serving its members, the housing industry, and the public at large. - U.S. Department of Housing and Urban Development
HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS.
