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$8,000 tax credit for first-time home buyers before you own your new home

$8,000 for first-time home buyers.(if you have not owned a home for three years or more) The first time buyer tax credit currently scheduled to end Dec 1, 2009

Home buyers could receive the tax credit from the Internal Revenue Service (IRS) only after the tax season or filing an amended return. To provide more incentives for first time home buyers, the Department of Housing and Urban Development has unveiled a policy change which will provide the tax credit up-front.

According to the new policy, borrowers who avail mortgages from Federal Housing Administration (FHA) approved lenders can get advances from lenders in order to meet costs associated with home purchase.

This will enable borrowers to receive the tax credit in advance, so they don't have to wait to get the money from the IRS. However, the advance from the lender cannot be used for the 3.5% down payment that borrowers have to make for FHA loans. A typical loan has $6,000 to $8,000 in closing costs, title insurance, and other fees.

The advance can be used by borrowers for meeting such costs. Shaun Donovan, Secretary of Housing and Urban Development, said, "What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Please contact me for more details on how you can get your $8,000 tax credit and to find your next home! 661-287-4466 x 226 or david@scvrealty.com http://www.scvrealty.com

See this video for Q & A and more details on the first time buyer tax credit

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