Western Wisconsin Real Estate News
- Wisconsin Home Sales Up in Third Quarter as Median Prices Moderate
- Will the $8,000 First (New) Home Buyer Tax Credit in the 2009 Stimulus Package be Extended into 2010 and Increased to $15,000?
- "Foreclosure Mediation, Relief for the 'Little Guy'"
- Curb Appeal Matters Now More Than Ever, Say Realtors®
- Improvement Coming to Buyer Tax Credit?
- 30-Year Fixed Rate Falls to at Least a 37-Year Low
- "Area Economy Could Start to Rebound in Spring, Experts Say" Shawano Leader (01/11/09) Thornton, Dennis
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is working on a plan that will 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 May 12 at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C..
He says FHA’s approved lenders would 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. The plan isn't final; more details are expected in coming weeks. Source: NAR