When the economic stimulus plan was introduced in February it included the $8000 tax credit for first time home buyers. Originally home buyers would only receive this credit from the IRS after tax season or filing an amended return. In an effort to boost home sales even more the Department of Housing and Urban Development has unveiled a a policy change that will allow borrowers who are using a FHA approved lender to get an advance of the tax credit up front in order to be able to afford the costs associated with the home purchase.
There is a restriction however, this advance cannot be used as part of the 3.5% down payment that you need to have as part of using a FHA loan. A typical loan has $3000 to $4000 in closing costs, title insurance and other fees, this advance can be used by the borrower to meet all of these costs. According to Shaun Donovan, Secretary of Housing and Urban Development, “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.”
If you or anyone you know is behind, or will soon be, on mortgage payments please let us help them today with their problem. Now with the Making Home Affordable program the chances of success are getting better and better everyday. With our bleeding edge marketing and Short Sale negotiator with a proven track record we really are you best option. You can call us @ 916-863-0444 or email me Peter@PeterParkerTeam.com.
PS. If you need someone to buy your home fast we are working with some investors who specialize in purchasing Short Sale properties. Just visit their site to contact them. As an added bonus they will send you a free e-book on “How to Stop Foreclosure in its it’s Tracks”.
