Orlando Real Estate News

Blue Skys For Orlando First Time Homebuyers!

I saw the following posted by Phil Slezak of the Slezak Realty Group in Raleigh, NC posted the following on a chat board, and I had to share it. This is HUGE for all first time homebuyers. Even if you're not a first time homebuyer, but have not owned a home in the past 3 years, you may qualify as a first time homebuyer. But hurry! The $8000 tax credit is only available through November 30th, 2009.  See Phil's message below!

"GREAT NEWS!! Tax Credit Can Be Used for Down Payment Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, on Tuesday said that the Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment. Previously, most buyers wouldn't receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change. "We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment," Donovan says. His remarks came in an address to several thousand REALTORS® gathered Tuesday morning at "The Real Estate Summit: Advancing the U.S. Economy," at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C.. He says FHAs approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table."

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