Friday, May 29, 2009

Some Good News For First-Time Homebuyers!

Gary Thomas, Senior VP of the National Association of Realtors told us in a meeting yesterday what he learned at the NAR Summit Meeting. One of the announcements at the NAR summit was the monetization of the $8,000 tax credit. Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit for purchasing a home as a down payment. This means that first time homeowners who qualify for this tax credit can now use it towards their down payment on the purchase of a home. There are some other restrictions, so please give us a call for more details. Note: This tax credit is due to expire on November 30, 2009 and you must have closed escrow prior to the expiration date. NAR has requested an extension, however we will not hear their response until later in the year.

This Surf City Lifestyles Tidbit was provided to you by the Surf City Guru and the Surf City Kahunas of Real Estate:

The Louison Team
Raymond and Stephanie Louison
714-925-5361 or 714-307-2934

Altera Real Estate - Huntington Beach Office

All information deemed reliable, however not guaranteed!