Posted by: Roby Robertson | May 30, 2009

Lake Norman Real Estate | New Guidelines for 8000 Tax Credit

Good News:
The Federal Housing Administration has issued formal guidelines allowing first-time homebuyers to apply a federal tax credit of up to $8,000 toward the purchase of a home with an FHA-backed mortgage.

Bad news:
For those hoping that the initiative would allow homebuyers to buy a home with nothing down, is that the tax credit can’t be used to meet the FHA’s 3.5 percent minimum down-payment requirement.

Essentially what this means is that when First Time Home Buyers need assistance with closing costs the government has given the green light to the financing of bridge loans of up to $8,000 to first-time homebuyers who qualify for tax credits.

Did you know?, if you -nor your spouse- have had no ownership interest in a home for the past 3 years, then you qualify for the up to $8000 tax credit! There has been some confusion on this part. You may have owned a home before but NOT in the last 3 years. You still qualify!

Overall this is great news for first time home buyers. Please tell everyone you know. Coupled with the fantastic buyers market in the Lake Norman, this scenario may never happen again!

If you have any questions about the Lake Norman and surrounding area, please feel free to contact your Lake Norman Agent at 704 451 7051!

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