$8,000 Tax Credit May Be Used As Down Payment

$8,000 Tax Credit May Be Used As Down Payment

If you’re thinking about making a home purchase to take advantage of the depressed South Florida real estate market, the federal government might be able to help you get started with your purchase.

On Tuesday, Shaun Donovan, Secretary of Housing And Urban Development, said that the Federal Housing Administration (FHA) informed lenders to allow first-time home buyers to use an $8,000 tax credit as a down payment on their purchase.

“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 said.

Prior to this announcement, the tax credit wouldn’t appear until after the home buyer filed their tax return. The National Association of Realtors fought for the change saying the old policy might have prevented some people from taking advantage of the credit.

The news couldn’t come at a better time for real estate buyers in South Florida.

Please note that the definition of a first time buyer is some who has NOT owned real estate for three or more years.

Visit www.MiamiCondoLifestyle.com for all the latest information on real estate and condominiums for sale in Miami-Dade county.

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