May
29

$8,000 Home Buyer Tax Credit Can Be Used Towards Closing Costs!

May 29, 2009

US Department of Housing and Urban DevelopmentChicagoland 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.

In addressing the current issues facing the housing industry, the long awaited “Mortgagee Letter” released details of how the $8,000 home buyer tax credit can be used towards first-time buyer’s closing costs at closing.  Specifics contained in the mortgagee letter include the ability of borrowers to immediately apply the funds to their downpayment or for homebuyers to use the federal tax credit for non HUD products, pay upfront interest products, or use for downpayments above 3.5%.  The announced flexibility in the tax credit advance the money needed at closing instead of after the 2009 income tax year.

Also outlined in the session is the assistance for families in danger of losing their home have the ability to aggressively modify their loans via cooperation with Fannie Mae and Freddie Mac.  Because of these efforts tens of thousands of Americans will now be able to buy a new home and hopefully many more will be able to stay in their existing homes.

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.

2 Comments

1

Hi,
Is this $8000 instant credit during closing applicable for Conventional loan also?
Thanks
Sanku Saha

2

[...] Prep and Gordon Tech are both walkable from this community.  And don’t forget about the federal tax credit of $8,000 for new Chicago home buyers to use now at the closing table. Share and [...]

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