KK's Korner

No telling what’s being thought of in the mind of a lunatic

Down Payment ASSistance

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What a great idea. Enable people who might not be able to afford a house the opportunity to do so. Nothing can ever go wrong when this sort of thing happens.

With this funding provided under the “Stimulus” Bill, I guess now real-estate agents are now classified as “shovel-ready” occupations.

In a policy change that could benefit thousands of people, the federal government announced Friday that its tax credit for first-time homebuyers can now be used to help pay closing costs on mortgages insured by the Federal Housing Administration.

The economic stimulus bill passed in February allows first-time homebuyers a tax credit equal to 10 percent of the home’s purchase price or $8,000, whichever is less, when they file their federal income taxes. But under the plan announced Friday, buyers using FHA-insured loans will be allowed to treat the tax credit as additional down payment funds, or use it to pay for the closing costs that are typically incurred when a mortgage is funded.

“Families will now be able to apply their anticipated tax credit toward their home purchase right away,” said Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, which oversees FHA.

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Written by kkktookmybabyaway

May 31, 2009 at 12:02 am

Posted in News

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