Stimulus News

There is talk of the Housing Department allowing FHA approved lenders like us to allow the $8000 first time home buyer tax credit to be used as a down payment on a home purchase. Currently a buyer can purchase a home using an FHA program with only 3.5% down. In other words if someone buys a home for say $228,000 they need a minimum of 3.5% down or $7980. If they make less than $150,000 as a couple or $75,000 solely and have not purchase a primary residence in the last three years they receive an $8000 Federal tax credit which may soon be able to be used for that 3.5% down. If the details can be worked out with the IRS and HUD this would open up the purchase market and help those selling as well as buying. Stay tuned.