First Time Home Buyers Tax Credit

Beginning July 1, first-time homebuyers will be able to use the federal $8,000 tax credit for their downpayment. With a FHA mortgage the required downpayment is 3 1/2 %, the $8000 would be enough for a $230,000 home. First-time homebuyers will be able to apply for downpayment assistance before they close on the purchase of their home, and then repay the amount borrowed when they get their tax refund. The program will operate through local county housing administrators. Details are still being worked out, however I am sure they will have to attend a first-time homebuyers class, the class if free and can be setup by your Realtor. Please contact me if you would like assistance.
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