$8000 for your downpayment – HUD says yes!

To sweeten the spring selling season – first time home buyers $8000 credit just turned to cash ~ for your downpayment that is… What are you waiting for?  Choice inventory – incredible rates – and now your downpayment. 

Maybe – not so fast.  HUD is working toward this but as of yet is not able to implement….

Take advantage of this excellent opporturnity – give us a call 503-495-5231. 

HUD Secretary Announces Monetization of Tax Credit at NAR Real Estate Summit

WASHINGTON, May 12, 2009

Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

$8000 tax credit – free money if you qualify

This is a great opportunity for a first time home buyer or one who has not owned a home in the past 3 years.  It is really a double bonus with home prices down to 2005 levels here in the Portland metro area, not only is the home buyer getting a great price, but a credit back from uncle same for making a great investment.  Not one that will need to be paid back unless you sell your home within the first 3 years of home ownership.

Income restrictions apply – for singles 75K or 150K for married filing jointly.   For more detail check out http://www.robertanopson.com/2009-home-buyers-tax-credit.html  or email me and I will forward my home buyers tax credit fact sheet.  Info@lakeoswegohomesellers.com .

To bad the original $15,000 plan with no income restrictions did not pass.  An even better plan would have been one that did not have the first time/3 year limit attached.  Letting home sellers move their current home and then buying their next home and being giving the tax credit.  That would be a stimulous.

Not that this will be the cure all, it is a step in the right direction.  Every home buyer was a first time once.  It can be a very exciting time.  Pricing is down, interest rates are down, and a tax credit, not to mention the tax deduction your new home will give you!

NOTE – I am not a tax professional in this life or the last one….  For tax advise always consult your tax professional.  If you choose to go it alone, remember I told you to seek advise!