|
Written by Ryan Zook, Cook and Zook Team
|
|
Thursday, 14 May 2009 08:55 |
 The Cook and Zook Team's preferred lenders wrote two blogs about the Stimulus Package Tax Credit back in February. The government has been writing $8,000 checks to first-time home buyers that qualify under the new stimulus package. Now, the tax credit the deal just got a little sweeter. Yesterday, HUD Secretary Shaun Donovan announced that first-time home buyers using FHA loans would soon be allowed to "monetize" the $8,000 tax credit and use it for their down payment. This means that the years of saving up money for a down payment might have just decreased dramatically, bringing us closer to the days of 100% financing. The government will allow you to use the $8,000 credit at closing with no obligations of paying it back.
The obvious reason behind this government tactic is to continue stablizing the housing market. For many areas around the country, we are seeing housing prices level off and in some areas the prices are finally on the upswing. The "monetization" of the tax credit is one final measure to insure that the upswing occurs across the nation as a whole. There are limitations to the tax credit and as a consumer, you need to know the facts. If you are in the market to buy your first home, do not hesitate to contact the Cook and Zook Team and our preferred lenders.
To read other articles on this subject, please click on the links below:
|
© 2008 Cook and Zook Team. All Rights Reserved.