House Plans Blog - HUD Allows Home Buyers to "Monetize" Tax Credit for Upfront Costs


Home \| House Plans By Donald Gardner \| Advanced Home Plans Search \| Site Map \| Company Info \| Help Center

House Plans Blog

Recent Posts

Categories

Archives

HUD Allows Home Buyers to "Monetize" Tax Credit for Upfront Costs

You can now receive the $8,000 first-time buyer tax credit when purchasing a home insured by FHA. Find out more in the below article.

HUD Allows Home Buyers to "Monetize" Tax Credit for Upfront Costs

On May 29, in a special address at the NAHB Spring Board meeting, U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow home buyers to apply the $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home.

NAHB has created resources to help members and HBAs understand how the program will work. They are posted along with a copy of the FHA mortgagee letter in the tax credit resources section at www.nahb.org/taxcreditmaterials:

FAQs on Tax Credit Monetization for Home Buyers
Explanation of FHA Mortgagee Letter on Tax Credit Monetization
Tax Credit Monetization Mortgagee Letter

NAHB estimates that 40,000 more homes will be purchased by allowing the anticipated tax credit to be applied toward the purchase with an FHA-insured mortgage. That is in addition to the 160,000 sales originally expected to be spurred by the tax credit.

Return to Main Blog Page

Comments For This Post

Add Your Comment

Previous Comments to this Post

Comments

November 2009

Sun

Mon

Tue

Wed

Thu

Fri

Sat

Subscribe to our RSS feed.

Check out our Books and Magazines, new lower prices!