$8000 Tax Credit for downpayment…….. May 26, 2009Posted by kimberleylynn in Uncategorized.
Well, there has been a lot of talk in the last week about HUD approving an “advance” on the tax credit, allowing first time home buyers to use it as their down payment. There is a lot of controversy out there on the benefits of this plan. They just did away with the seller paid down payment assistance in the last year, with the thought that buyers would be more “vested” in their purchase if they had to save the down payment. The flip side, is that how many of those first time buyers, are really that disciplined to save up nearly $10,000 for down payment. This “advance” of the tax credit could potentially get a lot of people out there buying and in turn stimulating not just the housing market but the agents and lenders incomes as well. More income means we are spending more, saving more, paying off debts, etc. Unfortunately, it was announced this morning that have reversed their decision
Anyone have any thoughts?