The Real Estate Adviser |
June 4, 2009
The primary reasons first-time homebuyers have been driven to considering a home purchase during the past few months are the attractive loan programs targeting first-timers and the generous $8,000 tax credit offered by the federal government.
Recently, the tax credit has been loaded with new angles allowing first-time buyers all or part of the often-needed down payment, a stumbling block for approximately 50 percent of all first-time buyers. As of May 29, the $8,000 federal tax credit can be used as “the down payment or closing costs” for buyers who apply for mortgages insured by the Federal Housing Administration before Dec. 1.
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