May
13

$8,000 Federal Tax Credit Available at Closing Table

May 13, 2009

With the growing call for more flexibility for the $8,000 federal tax credit for first-time buyers, the U.S. Department of Housing and Urban Development (HUD) announced Tuesday that buyers may use the credit for the down payment at closing.  Pushing for change and easier accessibility to these funds before the November deadline approaches, The NATIONAL ASSOCIATION OF REALTORS® has been lobbying for this type of fix for awhile.  FHA’s approved lenders will be permitted to “monetize” the tax credit at the closing table through short-term bridge loans. Originally, buyers would not realize the tax credit until after filing for their federal income taxes in 2010, cutting out cash strapped buyers needing the funds for the down payment for buying a home.
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Before thousands of real estate agents at the 2009 REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, D.C., Donovan stressed the Obama Administration’s plans to further help stabilize the housing market. As the first quarter statistics of 2009 begin to show, there are many signs that values are stabilizing and transactions are picking up. The conference, “The Real Estate Summit: Advancing the U.S. Economy,” brought out a panel of experts including Jay Brinkman, chief economist for the Mortgage Bankers Association. Perhaps the biggest question for the mortgage business is what will the Federal Reserve’s exit strategy be now that it is the largest player in the market.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

6 Comments

1

Nice writing style. I look forward to reading more in the future.

2

I must say this is a great article i enjoyed reading it keep the good work :)

3

[...] nationally has been a pleasant surprise.  In combination with the federal government’s $8,000 tax credit for first-time buyers, there possibly has never been a better time to [...]

4

[...] reported here in Chicagoland Real Estate Forum,  some segments of the Chicago home building market, particularly the “green building” [...]

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[...] web presence utilizing social media and search engine optimization.  With offices in Atlanta and Chicago, mRELEVANCE provides expertise in building your online brand and market [...]

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[...] Chicagoland Real Estate Forum has learned today that during a special session held during the NAHB’s Spring Board of Directors’ Meeting in Washington, HUD Secretary Shaun Donovan outlined the “Making Homes Affordable” plan to get single family housing market moving. [...]

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