CT Real Estate Barbara Altieri : May 2009

CT real estate REALTOR Barbara Altieri shares market and general information on towns in Fairfield County and New Haven County.

HUD Releases Details on Using $8,000 Tax Credit Towards Down Payment

The U.S. Department of Housing and Urban Development (HUD) announced today 5/29/09 that the first-time homebuyers $8,000 tax credit can be used for the down payment with one caveat - the buyer still has to put down the minimum 3.5% and THEN the $8,000 credit can be used to increase the down payment, cover closing costs, or even buy down the interest rate. 

 Again, the credit cannot be used to cover the minimum initial 3.5% down payment. 

 Buyers would apply for a bridge-loan from an approved FHA-approved lender and be able to use the tax credit monies as mentioned above.

 Here is a link to the HUD guidance released today.  Mortgagee Letter 2009-15

 Any buyer who qualifies for the tax credit should consult his mortgage banker as well as tax professional.

 Reminder to buyers: You must close on the property you're purchasing prior to December 1, 2009, in order to get the $8,000.  Time flies!   Don't wait too long!

 Best regards,

 

 

  

 

Barbara Altieri, REALTOR®
Listing and Buyer's Agent
Certified Short Sales Specialist
RealtyQuest Real Estate Sales and Services Team

Kinard Realty Group
30 Huntington Street, Shelton CT 06484
Office -- 203.929.1752
Cell -- 203.520.6930
Email -- barbara.altieri@realtyquest.com

 

 

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Comment balloon 0 commentsBarbara Altieri • May 29 2009 01:05PM
HUD Releases Details on Using $8, 000 Tax Credit Towards Down Payment
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The U. S. Department of Housing and Urban Development (HUD) announced today 5/29/09 that the first-time homebuyers $8, 000 tax credit can be used for the down payment with one caveat - the buyer still has to put down the minimum 3. 5% and THEN the $8… more
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Good News! The Secretary of HUD has announced that FHA first-time homebuying consumers will be able to access the $8, 000 tax credit and use it as a down payment when they close on their home. Previously, buyers would not be able to access the… more