$8000 Tax Credit Can Now Be Used as Down Payment Money Upfront

Catawba Springs - A Great First Time Home Buyer Neighborhood in Denver, NC

Catawba Springs - A Great First Time Home Buyer Neighborhood in Denver, NC

I wanted to share this valuble piece of info that was freshly released from HUD regarding the $8,000.00 tax credit for first time home buyers!

HUD Secretary Shaun Donovan put to rest today rumors that HUD would renege on its previously announced plan to allow first time-home buyers to apply the current $8,000 tax credit toward the purchase of a new home at settlement. Speaking before a standing-room-only audience at the NAHB’s spring board meeting in Washington, D.C., Donovan announced that, effective immediately, first-time home buyers using FHA-approved lenders would be able to put their tax credit toward closing costs or use it to boost their downpayment to an amount above the FHA-required 3.5%.

Addressing home builders unhappy with the Obama administration and Congress for excluding them from stimulus or recovery programs so far, Donovan sought to assure the audience that HUD would like to “partner with you.” He added that the White House knew that “the U.S. economic downturn began with the downturn in the housing market and recovery has to begin in the housing market, as well.”

A housing recovery, Donovan continued, would generate thousands of jobs in the United States, help advance the administration’s policies on energy efficiency, and would simply be “a smart investment.”

The first step, he said, would be to enhance the usefulness of the $8,000 tax credit by letting buyers access the money immediately rather than having to wait to receive the credit at tax time. This action, Donovan said, “will assist home buyers at closing, but it will particularly benefit home builders across the country.”


About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
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