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Waiting for clarification from FHA and HUD- The 1st time home buyers tax credit & down payment money

May 15th, 2009 · 1 Comment · fha mortgages and first time home buyers, Tax credit for first time home buyers in Macomb County MI, Up to $8000 1st time home buyers tax credit

Goodness, what a whirlwind this week has been with information and mis-information alike.

Some of you may have read elsewhere that the first time home buyers tax credit from the Federal government is now being allowed to be given upfront so that a home buyer could use it for the down payment on their home:  Not true.  Yet.

I believe it won’t happen.

There are too many glitches in order for this to happen in a timely manner.  (Remember, the 1st time home buyer tax credit expires at the end of November of this year.)

What have I been advising my Macomb County MI home buyers?   Let’s all wait for official clarification from HUD and FHA before assuming that this will take place.  Plan on paying 3 1/2% of the purchase price of your new home as the down payment and we can ask the sellers for 6% of the purchase price to be given at closing for your closing costs and prepaid costs.

Until there is official word and official guidelines as to how this money could possibly get into your hands prior to closing on the home we all need to prepare as if it does not exist.

As always, if you want to search for homes in Macomb County MI that are currently for sale you may do so here or contact me and I’ll do a custom search for you.

Kris Wales – A partner for your real estate needs in Macomb County MI

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1 response so far ↓

  • 1 Brian Powers // May 26, 2009 at 8:08 pm

    Unbelievable how they can stand there and make that announcement without any details ironed out to make it all happen. I’m a little disappointed in NAR as well for partaking in the announcement. NAR should be the gold standard of information for us a Realtors. Unfortunately they added to the mess on this one.
    I am telling my buyers to plan on not being able to receive the credit until they file taxes, and if they are able to get it at closing that will just be a bonus.

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