FHA working on allowing $8k credit to be used for downpayment….

May 12, 2009 by Scott Smolen · Leave a Comment
Filed under: Scott 

See link to HUD Secretary’s speech…

http://www.hud.gov/news/speeches/2009-05-12.cfm

And we are taking action to further help the housing market recover. I’m excited to announce here at NAR that FHA’s policy on the “monetization” of the first-time homebuyer tax credit will soon be published. I know that you’ve been waiting anxiously to hear FHA’s position on the matter. We, like you, believe that this new tax credit is not only a tremendous opportunity for first-time homebuyers, but also an enormous benefit for communities struggling to deal with an oversupply of housing. According to estimates by the National Association of Home Builders, this new tax credit will stimulate 160,000 home sales across the nation – 101,000 of which will be first time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first time buyer purchased their home.

Tags:

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!

  • Scott Says...

    Americans sent more text messages than they made cell phone calls per phone. Text messaging is quickly replacing talking on the phone as the preferred method of communication for many people in the USA. Savvy Realtors should recognize this early and position themselves to capture this business, before their competitors do.Statistics from Neustar:
    • 72.2% of wireless users have paid for SMS packages. This equates to 203 million Americans.
    • 57% of wireless users 13+ are considered regular text message users.
    • There has been a 107% increase in text message use in the USA in the past year.
    • 2.5 billion text messages are sent each day in the USA.
    • More text messages are sent per phone than phone calls. The average text messages used per month is 357 compared to 204 cell phone calls.
    • 138 million Americans have sent a text message in the past three months.

    • Ed Says...

      Trying to get people to give up their identities comes to mobile [via CNET News]